iH8sn0w has released Sn0wbreeze 2.8b4 with support fot iOS 5 Beta 3 for iPhone, iPad, iPod Touch. Sn0wbreeze is a tethered jailbreak, and will require you to connect the device to a computer every time you boot up.
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sn0wbreeze v2.8b4 — For iOS 5.0 b3(9A5259f)
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* Intended only for developers (as usual).
* Hacktivation is disabled (again).
* MAKE SURE YOU UPDATE TO iTunes 10.5 BETA 3!
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Supported Devices/Tethered?
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iPhone 3G[S] (old bootrom) [UNTETHERED]
iPhone 3G[S] (new bootrom) [TETHERED]
iPhone 4 (GSM) [TETHERED]
iPhone 4 (CDMA) [TETHERED]
iPod Touch 3G [TETHERED]
iPod Touch 4 [TETHERED]
iPad 1G [TETHERED]
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Those wondering, the jailbreakme exploit
cannot be integrated into applications
such as PwnageTool/redsn0w/sn0wbreeze.
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redsn0w seems to be having sandbox errors
due to it using the old b1 kernel.
I and many others have not seen any issues
with sn0wbreeze related to AppStore apps.
If you prefer to use redsn0w, I am sure
@MuscleNerd is working on a fix.
Download Sn0wbreeze 2.8b4