Apple seeded to developers on Tuesday its iOS 5 golden master build ahead of the October 12th official release for the public.

If you have a developer account, the iPhone Dev-Team has tweaked its redsn0w tool to successfully jailbreak the golden master build.

Redsn0w 0.9.9b3 will do a tethered jailbreak on all devices supported by the Apple firmware. Earlier this month the Dev-Team updated redsn0w with a number of important improvements and features.
After redn0w 0.9.9 you no longer need to download the firmware onto your computer and point the tool to the IPSW and the toll will automatically download the necessary files directly from Apple’s server.

The Dev-Team blog says about this latest update:

redsn0w has been updated to 0.9.9b3 to auto-detect iOS5 GM firmware. Remember: it’s still tethered for all devices except for iPhone 3GS with old bootrom. If you don’t use redsn0w to “Just boot” at power up, all jailbreak apps (and even some native ones like MobileSafari) will fail to launch.

If you already jailbroke the GM by pointing an older redsn0w at the beta7 IPSW, there’s no need to re-run the full jailbreak step again…just use this newer one to make the tethered boot easier

redsn0w 0.9.9b3 supports iPhone 4 (GSM), iPhone 3GS, iPad 1st generation and iPod touch 3rd and 4th generation.
The jailbreak for iPhone 3GS old bootrom will be untethered but for all other devices it’s tethered.

The Dev-Team has already revealed that they already have a untethered jailbreak available for iOS 5, including the iPad 2, but waiting for Apple to release the final stable version on October 12th.

Download
Download redsn0w

To jailbreak, install and launch redsn0w and press the Jailbreak button. Redsn0w will do the rest, but if you need to follow a tutorial, we have one here

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• Restore iPhone 3GS with 06.15 baseband to stock iOS 4.3.5 with redsn0w 0.9.8b7c (lovefortech.com)