Over the Thanksgiving weekend, the Pwn Dev Team released an iOS 5 jailbreak utility for your iPad, iPhone and iPod Touch. Ac1dSn0w contains Apple copyrighted code, making it illegal to use unlike the officially legal jailbreaking techniques. Hackers usually reverse-engineer Apple code to make their own to avoid infringing on copyrights, Ac1dSn0w embedded Apple code 15 times according to MuscleNerd.
Pwn Dev Team explains:
I’m pleased to announce that we’ve just released Beta 1 of Ac1dSn0w for Mac OS X Lion (should also work on Snow Leopard). Ac1dSn0w allows you to jailbreak your iDevice tethered. It also provides features like Tethered Boot, Pwned DFU, and Exit Recovery to get your device out of Recovery Loop.
If you want to hack your iPad, and jailbreak it legally...then avoid the Ac1dSn0w jailbreak tool from Pwn Dev Team.