If you’ve just received the iOS 5 update and you want to move back to the jailbreak world, there’s a fresh batch of Redsn0w ready for you. The jailbreak only works on iPhone 3Gs, iPhone 4, the first iPad and the iPod touch of the fourth and third gen.
What you get here is software version 0.9.9b4, for now lacking iPad 2 and iPhone 4S support. For now you only get a tethered jailbreak and the guys are working on the untethered one as I’m writing this. What you get once the process is done is a slew of third party apps and more functions that will annoy Apple, that will probably correct the hack with the next update.
All you need to do here is download Redsn0w, launch the app, click Jailbreak and plug in the device. It has to be powered off and then you need to hold the Sleep and Home button for 10 seconds, followed by letting go the Sleep button and continuing to press Home for 15 extra seconds. DFU mode will follow, then you load the iOS 5 IPSW file to the device and start jailbreaking.