Few days back, Apple released yet another beta update for the iOS 5 – Beta 5. So, can it be jailbreak? Well, the answer is yes but it is tethered in nature, which means you will have to jailbreak it again using redsnow, which is fortunately available for both Windows and Mac platform. The new version of redsnow adds support for beta 5.
Just follow the instructions given in the iPad ios 5 beta 4 jailbreak and use the new version of redsnow / redsn0w instead of the one given in that post and you will be able to perform tethered jailbreak. Keep in mind that this jailbreak is not compatible with iPad 2 and those users should not even try doing it. They are suggested to stick to iPad 2 ios 4.3.3 for untethered jailbreak.
[redsnow 0.9.8b5 download – windows, mac]