The iH8sn0w’s Sn0wbreeze 2.8 beta 3 is out there to jailbreak iOS 5 beta 2 over iPhone, iPod Touch and iPad. Sn0wbreeze is a Windows tool and creates custom firmware to jailbreak iDevices and also preserves iPhone baseband.
Sn0wbreeze 2.8 beta 3 do a tethered jailbreak for iPhone 4, iPhone 3GS (new bootrom), iPod Touch 4G, 3G, and iPad 1 but for iPhone 3GS (old bootrom) its untethered.
Note: For Mac users Redsn0w 0.9.8 beta 1 is available to jailbreak iOS 5 beta 2.
Download Sn0wbreeze 2.8 Beta 3 for Windows