How to Jailbreak iOS 5 for iPhone 4, iPhone 3GS, iPad, and iPod touch

If you are one of the lucky people that currently has iOS 5 installed on your iPhone, iPad or iPod touch, you might be thinking about jailbreaking your device. If that sounds about right, you’ve come to the right place.

For those that don’t know, jailbreaking frees your iPhone from limitations put on it by Apple and by the device’s carrier be it AT&T, Sprint or Verizon. While  it has been made legal, jailbreaking will void your warranty so keep that in mind before you take the plunge.
 
For those of you that are still interested in jailbreaking iOS 5, read on.
Before we get started, keep a couple of things in mind. One, the jailbreak that you’ll be using, Redsn0w 0.9.9b5, is a tethered jailbreak. That means that you will have to connect your device to a computer that is running the jailbreak ever single time you want to power it up. It’s a hassle but until an untethered jailbreak arrives, you’re stuck with this method.

And two, this is not available for the iPad 2 or the iPhone 4S. This is for iPhone 4, iPhone 3GS, iPad, and iPod touch users only. No timetable for a jailbreak for either of those devices.

So, if you own a supported device that’s running iOS 5, here is how to jailbreak it:

1. Install iTunes 10.5.
2. Connect Your iDevice to your computer and back up your files.
3. Download the correct version of iOS 5. You can  update through iTunes.
4. Download Redsn0w 0.9.9b5 for Windows or for Mac.
5. Open that file, select ‘Jailbreak’ then ‘Install Cydia’. It’ll take you to DFU mode and Redsn0w will jailbreak your device.
6. Once Cydia is installed, you’ll want to be in DFU mode and in there should be an option for ‘Extras’. It looks like this image you see here.
7. Pick ‘Just Boot’.

You can also use the video below for guidance as well.

Source is
http://www.gottabemobile.com/2011/10/12/how-to-jailbreak-ios-5-for-iphone-4-iphone-3gs-ipad-and-ipod-touch/