For those who have already upgraded their iPhone4 and other iOS devices to iOS5 they can now jailbreak their devices using RedSn0W ( For now Mac Only ) within 5 minutes.
The procedure is simple.
1) Download iTunes 10.5 ( available at many Torrent sites)
2) Keep your iOS 5 ipsw handy ( if you erased it , still torrents are your friend)
3) Download RedSn0w
4) UnZip file
5) Start RedSnow
6) Turn off your iOS device by first connecting it to the Mac and then pressing the power button till slide to off option comes
7) Select the relevant ipsw according to your iOS Device
8) Select Install Cydia Click Next
8) Follow the instructions on the screen ( Hold Power Button – Hold Power and Standby Button – Release Poer Button and Hold Standby Button )
9) Wait for phone to complete installation.
Now this is a Tethered Jail Break – Meaning if your phone gets shutdown , run of battery or restarts , it has to be connected to the Mac and on the screen where you have choosed to install Cydia , choose Just Boot Tethered Right Now
The same will be required after installation of Cydia, restart RedSnow , choose ipsw and mark Just Boot Tethered and your phone will restart in Jailbroken mode with Cydia installed.