iOS 5 for iPhone and iPad is coming closer and closer to be ready for release, reading thru the web on their updates, they seem to be in the final stages of beta mode. It’s definitely way way better than iOS 4 with all the fixes and updates, it would somehow let you feel that it is a whole new iPhone (with 200+ new updates).
Jailbreak for iOS 5 has been made by RedSnow and is readily available online, but, as iOS 5 is still on beta, do expect that there could be last minute changes which Apple can do to combat jailbreaking (they’re not going to make it that easy…). Everytime I watch video updates on this, I’d like to update mine but I don’t want to risk data errors or problems associated with the beta release. iOS 5 Beta 2 has updated some cool features, please see video below: