Apple is going rogue when it comes to beta releases; its been only two days since they released the first beta of iOS 5.0.1, and already, the second beta has been pushed out to developers. But, thankfully, it is jailbreakable using the existing version of Redsn0w
Step 1: Download the latest version of iTunes 10.5 for Windows or Mac.
Step 2: Connect your iOS device to your PC or Mac and backup everything up. Although it’s a simple process, always better to be safe than sorry.
Step 3: Update to software version ios 5.0.1 Beta2; download links
Step 4: Grab the latest version of Redsn0w, depending on your operating system.
Step 5: Start Redsn0w. Click on “Extras”, and then click on “Select IPSW” option to manually select the final public version of iOS 5 (NOT iOS 5.0.1) for your device. Download links for iOS 5 can be found here.
Step 6: Now go back, and click on “Jailbreak”, and opt to “Install Cydia”. You will then be led through a sequence to place your device into DFU mode. Once your device has achieved DFU mode, Redsn0w will apply the jailbreak.
Booting Tethered:
Step 7: Once the Cydia installation is complete, you will need to boot the device into a tethered state in order for the jailbreak to work – something you will indeed be required to do every time you reboot. Enter DFU mode, and in “Extras”, select “Just Boot”.
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