Oct 10 2011
Apple released the final version of iOS 5 i.e. the Gold Master build to Developers last week.
Since the GM build is basically the same build which will be released to the consumers via official update later this week it makes sense to go ahead and Jailbreak your iDevice on iOS 5 right now.
The iPhone Dev Team has released an updated version of Redsn0w to Jailbreak the iOS 5 GM build.
The process of Jailbreak has been simplified even more now and has become more intuitive. Make sure you have the iOS 5 GM IPSW ready at hand. If not you can download iOS 5 GM from this post.
Download Redsn0w 0.9.9b3