iOS 5 can be jailbroken but it’s stil limited to tethered jailbreak which means every time you restart your iPhone, you’ll then have to hook it up to a computer. This is definitely inconvenient for some users who do not always have a computer around.
But soon untethered Redsn0w iOS 5 jailbreak will be available, according to a tweet by famed iPhone hacker, MuscleNerd. The untethered iOS 5 jailbreak will be available for both Mac OS X and Windows machines.
Unfortunately, there was no mention when exactly this untethered jailbreak be available for the public. But chances are sometime in January 2012. Well, MuscleNerd did mention that it took them 4 months to jailbreak the iPad 2.
Update: a video of the untethered jailbreak is included below showing how it works.