NOTE: All those who rely on UltraSn0w unlock should avoid to update iOS 5 for now. As you might lose your Unlock on iPhone.
As it is a tethered Jailbreak, so you have to boot tethered your device every time your device reboots. iPhone Dev Team is already working Untethered Jailbreak for iOS 5 so it will be released soon. Until then you can Jailbreak your device for now.
Guide: How to Tethered Jailbreak iOS 5 on iPhone, iPod Touch and iPad Using Redsn0w:
So let's get started, First of all Download and install the new iOS 5 from the given link.
You'll also need Redsn0w 0.9.9b4 download it with the link below:
Redsn0w 0.9.9b4 for Mac
Redsn0w 0.9.9b4 for Windows
So you should already be running iOS 5, If not then update it from iTunes 10.5.
Step 1: Now Open Redsn0w and select “Extras” and browse for iOS 5 GM (Here you'll need to point the firmware toward iOS 5 GM. Click here to download iOS 5 GM )
Step 2: Once Redsn0w verifies the firmware file click back and then click Jailbreak.
Step 3: Redsn0w will now guide you to switch of your Phone and plug in to computer, At this stage you will be presented with a screen where you will have to quickly hold “Power” button and then while holding the “Power” button, you will now have to hold “Home” button too. Now after few seconds release “Power” button but keep holding “Home” button until installation begins. (you can see in the Image below)
Step 4: After you successfully attempt the DFU mode steps, your iPhone will enter into DFU Mode and Redsn0w will start jailbreakng you device. After the Reboot you'll be able to see Cydia on your device.
Enjoy! It's Successfully Jailbroken.
It's a tethered Jailreak, so if your device reboots then just connect your device to computer and open Redsn0w and click “Extras” and then click “Just Boot” and it will guide you to put your device in DFU mode and then it will be rebooted.
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