Apple just released iOS 5 beta 2 and RedSn0w current version can already jailbreak it. Using RedSn0w 0.9.8 beta you can jailbreak iOS 5 beta 2 on iPhone 4, iPhone 3GS, iPod Touch 4G, iPod Touch 3G and Apple TV 2G.
MuscleNerd just confirmed via Twitter that RedSn0w 0.9.8b can jailbreak the iOS 5 beta 2 and earlier beta 1 as well. To jailbreak iOS 5 beta 2, simply point RedSn0w to iOS 5 beta 1.
Of course, this jailbreak and beta 2 is not meant for general users. A lot of things are going to be broken. It’s meant for developers to develop jailbreak apps for iOS 5.
We have already posted a detailed jailbreak guide for iOS 5 beta, So simply follow the guide linked below to jailbreak iOS 5 beta 2 but remember to point RedSn0w to beta 1.
How to: jailbreak iOS 5 beta 2 with RedSn0w 0.9.8b
Note: It’s still a tether jailbreak for iOS 5 beta 2, which means you will have to connect your iDevice to a computer in order to boot the device.