This was fast. Earlier we reported that iOS 5 beta 1 was jailbroken within mere hours of it's initial release and now an update at the iPhone Dev Team blog not only confirms this, but also they have released redsn0w 0.9.8b1 to the public which will allow developers to jailbreak their iPhone, iPad or iPod Touch running the new iOS 5 beta 1.
The devices supported for now: iPod touch 3G, iPod touch 4G, iPad 1, iPhone3GS and obviously the iPhone 4. If you have an unlocked iPhone and rely on Ultrasn0w then it is highly advised to you to stay away from this tool and even iOS 5 for that matter.
The redsn0w 0.9.8b1 jailbreak for iOS 5 beta 1 is intended for developers only to test their apps and fix the bugs, if any. Although users with a developer account or who have their devices registered with valid udid's can also use the tool to jailbreak their device.
For the curious ones, we have a tutorial on how to activate and use iOS 5 with and without a developer account.
Also, we will be posting a tutorial to jailbreak iOS 5 Beta 1 with redsn0w 0.9.8b1 in a bit.
Download redsn0w 0.9.8b1 for Mac