Update #5: redsn0w has been updated to 0.9.8b5, adding support for Apple’s new iOS5 beta5 (point it directly at the beta5 IPSW). Please use this only if you’re a jailbreak app developer with a legit Apple dev account, and remember it’s a tethered jailbreak for now!
While iOS 5 is still officially unreleased and in a beta state, an untethered jailbreak exploit is likely being kept underground until Apple officially releases iOS 5. Running a jailbroken iPad is certainly my preferred state, but I (and many of you) won't want to be left out of the major iOS release improvements. The tethered iOS 5 jailbreak is available for all iOS devices, except the iPad 2. The latest iPad is certainly not off the jailbreakers radar, especially since the new iPhone is expected to include the A5 processor as well.