Jailbreak iOS 5 Beta 2 using Redsn0w
Just moments after the freshly released iOS 5 beta 2 was available, it has been jailbroken using Redsn0w 0.9.8b1. This is the same version of redsn0w that worked to jailbreak the first beta of iOS 5 and therefore doesn’t require any additional downloads, but it does include the same caveats as before.
In order to work, make sure you point redsn0w at the iOS 5 beta 1 IPSW file when asked, and then you can go about the jailbreak as usual. Redsn0w 0.9.8b1 continues to be a tethered jailbreak, but will work for iPod touch 3G, iPod touch 4G, iPad 1, iPhone 3GS, iPhone 4 GSM, iPhone 4 CDMA.
This has been confirmed by MuscleNerd of Dev Team fame, who reminds everyone that this redsn0w release is intended for jailbreak developer use only.

iPad 2 jailbreak is never going to come :\
My question is if I can do it on my iPhone 3Gs iOS 4.3.3 with iPad baseband?
No, the iPhone 3GS with iPad baseband will not work with the iOS 5 betas. If you are dependent on an unlock tweak, stay away from iOS 5 for now.
Matt is incorrect. works fine and tested for over a week now.. jailbroken and unlocked 3gs with 06.15.00
So I just updated to 5.0 and I am trying to get my t-mobile network up and running. But when I go to Cellular data, it doesnt give me the option of an APN… only a VPN? What do I do?
Redsn0w wont recognize the iOS 5b1 IPSW for me. Tried on both Mac (late 09 Macbook running 10.6.8) and Windows (7). any ideas why i am having difficulty?
I did this and it went through the process fine but once it was done all I see is a white Cydia icon that can’t be clicked and a white icon beside it with the download bar and says “waiting” and doesn’t go anywhere. Not sure what to do about this.
NVM, I had to go back into redsnow and uncheck “Install Cydia” and check “Just boot tethered right now” option. Odd it doesn’t boot properly upon jailbreaking though.