iPhone Dev-Team has updated Redsn0w to jailbreak iOS 5 GM. This is tethered, means you need to connect your device with computer when you reboot it.
Following devices are supported to jailbreak iOS 5 GM with Redsn0w 0.9.9b3
- iPod touch 3G
- iPod touch 4G
- iPad 1
- iPhone4 (GSM)
- iPhone4 (CDMA)
Read more on Dev-Team Blog to jailbreak your device