iPhone Dev-Team has just released RedSn0w 0.9.8b5 to jailbreak the iOS 5 beta 5 firmware. This is a tethered jailbreak, meaning that each time you want to reboot you will have to plug your iDevice into your computer and re-run RedSn0w.

You can read the official word from the Dev-Team below:

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!

If you are interested in downloading RedSn0w 0.9.8b5 for Mac OS X or Windows you can do so from the iJailbreak Downloads Section. Additionally you can use one of the download mirrors below:

Mirror 1: RedSn0w 0.9.8b5 Windows Download

Mirror 1: RedSn0w 0.9.8b5 Mac OS X Download

Update #1: iOS 5 Beta 5 Firmware Will Expire September 14th, 2011

Update #2: Follow our step-by-step guides to jailbreak iOS 5 beta 5 using RedSn0w 0.9.8b5 on Mac OS X

Update #3: Follow our step-by-step guides to jailbreak iOS 5 beta 5 using RedSn0w 0.9.8b5 on Windows