Today Apple released IOS 5 Beta 3 to developers. It is as easy to Jailbreak as Beta 1 and 2. You simply just need to point Redsn0w to IOS 5 Beta 1 Firmware of your device. It will do the rest for you. Please Remember this is a Tethered Jailbreak and is only intended for Developer use. It has been reported that many users who jailbreak are facing issues with opening Appstore Apps after successfully Jailbreaking their device.