Ultrasn0w 1.2.4 and Redsn0w 0.9.9b5 to be released later today
Now that iOS5 has been released, the iPhone-Dev team is scrambling to update their software to support the new firmware. Since it has been revealed that the public release of iOS5 is identical to the GM release from a few days ago, the current version of Redsn0w can already be used to perform a tethered jailbreak by pointing the software at a GM release of iOS5. An update, Redsn0w 0.9.9b5 will be released later today so that you won't have to specify a firmware.
Also, for unlockers, even though you can use the current beta version of Sn0wbreeze 2.8b8, we suggest that you wait until it is updated to officially support the public iOS5 release. Also, there is a required update to Ultrasn0w 1.2.4 to officially support iOS5 as well.
We will let you know as soon as these updates release!