For quick iOS 5 jailbreak Redsn0w 0.9.9b7 is out there and according to musclenerd tweet the latest Redsn0w cuts jailbreak time from 210 to 80 seconds which is 60% reduce.
Dev team’s official words about Redsn0w update:
“After some feedback on reddit, we’ve decided to make the initial jailbreak as quick as possible by no longer “stashing” the applications by default during the redsn0w run. This reduces the time to actually perform the jailbreak from 210 seconds to 80 seconds (60 percent!). However, you make up for much of that the first time you launch Cydia, which will then want to stash the applications. You can choose whether you want redsn0w or Cydia to stash in the Preferences pane.”
Download Redsn0w 0.9.9b7 for Mac
Download Redsn0w 0.9.9b7 for Windows