Looks like it did not take much time to Jailbreak iOS5. Apple only released iOS 4.3.3 on Wednesday, the next major version of the iOS family and that will not reach general folks for a few more months. But if you are into jailbreaking iPhones and iPads and wondering if things will work out once iOS5 is released, fear not. It has already been done. iOS has been jailbroken by MuscleNerd of the iPhone Dev Team!
The jailbreak is in early stages now but from the photos MuscleNerd released on tweetpic, it is currently running on a fourth gen iPod and you can see photos below;