iOS 5 isn't set to actually ship until Fall, but that's not keeping the Redsn0w team from keeping up with Apple and releasing a jailbreak of iOS 5 beta 5.
Redsn0w 0.9.8b9 is a tethered jailbreak that works on just about any iOS device except for the iPad 2. It's not likely that an untethered jailbreak will be available soon since iOS 5 is still beta-ware, so you're going to need to plug your device into a Mac or PC running Redsn0w every time you power it up. Otherwise, it's not going to boot into a jailbroken condition and all of those unofficial apps will be worthless.
To jailbreak your device using Redsn0w, you'll want to be a jailbreak app developer who has a legitimate Apple d