Apple has just releases the final version of iOS 5 after 7 months of beta period for all iOS devices including the new iPhone 4S, just right after the announcement of Apple. iPhone Dev Team key member MuscleNerd also announces that the new iOS 5 can jailbreak through the most recent update of Redsn0w, which means you can get the jailbreak on the most latest proper iOS but at this time the jailbreak is only limited to A4 processor devices means it will not work on iPad 2 and iPhone 4S.
But don’t need to lose your hope, jailbreak team already have announced that they have discovered more than five exploits in iOS 5 which allows to produce untethered jailbreak on all iOS devices. Currently Redsn0w jailbreak is only limited to tethered boot means you have attach your device with computer at every boot, also the jailbreak team warns the unlocker to stay away from iOS 5 update and redsn0w jailbreak because both will update your baseband and you will lose the unlock.
Here are the download links: