As mentioned earlier today, MuscleNerd and company has released a tethered iOS 5 jailbreak for all devices running the developer beta version of iOS 5. This jailbreak will required a connection to a computer upon each reboot as this jailbreak is "tethered". It appears that the untethered exploit uncovered by i0n1c in iOS 4.3 has been patched in iOS 5, leading many to believe an untethered version may not happen for some time.
Redmond Pie has written a nice tutorial for jailbreaking the beta version of iOS 5 on your iPad or other devices. New features included in iOS 5 have made jailbreaking my iPad in iOS 5 questionable for now.
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