The iPhone Dev-Team Blog has been updated regarding the iOS 5 jailbreak. If you want to legally access iOS 5, you need to purchase an Apple developer account which costs $99 per year.
A new warning from the Dev-Team:
THIS JAILBREAK IS INTENDED ONLY FOR DEVELOPERS OF JAILBROKEN APPS! There are just too many broken components (Apple’s official apps, 3rd-party App Store apps, Cydia apps, MobileSubstrate apps, etc) for this to be useful to anyone but those truly looking to fix bugs in their iOS 5 jailbroken apps. (Seriously!)
Just like the Mac download for the iOS 5 Jailbreak, this jailbreak is still tethered requiring connection to a Mac or PC following a reboot of your iDevice.
Follow us @iPadJailbroken or join our Facebook page to keep updated on all the latest jailbreak information for your iPad.