This iOS 5 jailbreak version of redsn0w is a tethered jailbreak and is very easy to install and use. Redsn0w 0.9.9b3 supports jailbreaking without the need for iOS 5 IPSW files. You will need to have a legally obtained version of iOS 5 from the iOS Dev Center.
Step 1: Upgrade your iPad to the final version of iOS 5 (IPSW iOS 5 Download).
Step 2: Download redsn0w 0.9.9b3a for Windows or redsn0w 0.9.9b3 for Mac
Step 3: Click on “Extras”, then choose 'Select IPSW' to jailbreak iOS 5 firmware on your iPad.
Step 4: Click "Jailbreak" option, select "Install Cydia". Ensure your device is off and plugged in, follow the steps to put your iPad into DFU mode in redsn0w.
Step 5: While in DFU mode, redsn0w 0.9.9b3 will begin to jailbreak your iPad. It is best to not interrupt it or use your computer during the jailbreak.
Step 6: After installing Cydia, you'll need to boot your device into tethered mode. Select "Just boot" from the "Extras" to complete the tethered jailbreak process on your iPad. Repeat this step when you have to reboot your iPad into a jailbroken state.
iOS 5 is the latest mobile operating system from Apple and includes Notification Center and system wide Twitter integration. Surely the Cydia developers will come up with some nice tweaks for iOS 5 to make the experience more enjoyable. Start with the 10 Cydia Tools To Start With.