Untethered Jailbreak for iOS 5 is Coming
It looks like the chronic dev team has managed to jailbreak iOS 5, untethered. They released the video above today showing the jailbreak so hopefully it'll be released shortly.
For those that are unfamiliar with jailbreaking terms, when a jailbreak is tethered it means that in order to restart your phone and hold the jailbreak you need to be plugged into a computer. With an untethered jailbreak you can restart the phone as many times as you want without being connected to a computer and you'll never lose the jailbreak.