Dev team has just released redsnow 0.9.9b5 tethered Jailbreak which is able to jailbreak iOS 5 final release, previously iOS 5 can be jailbreak with redsnow0.9.9b4 as well just only because of it is having the same specifications of iOS 5 GM and Dev Team has provided it on Public URL. And it can’t stop the Dev team to release an update for RedSn0w bringing RedSn0w to version 0.9.9b5. In this new version of RedSn0w mac users only can Jailbreak iOS 5 in only a few clicks. Here’s a procedure for this jailbreak:

1. Update you idevice to iOS 5 and for this you will need iTunes 10.5.
2. Run iTunes 10.5 and connect your iDevice with PC or MAC.
3. select you idevice  and click on update button on iTunes.
4. after this you will need redsnow 0.9.9b5.
5. Download redsn0w 0.9.9b5 and run it.
6. after running it you will see who buttons i,e : jailbreak and extra.
7. click the button jailbreak and follow the instructions.
8. install cydia after that redsnow 0.9.9b5 will put your device on DFU mode.
9. Now boot you device in tethered more.
10. again start RedSnow and click on extra button.
11. just select just boot button tethered jailbreak from redsnow 0.9.9b5 and there you go.

Download Redsnow 0.9.9b5 for MAC

Source 1 Source 2