Jailbreak iOS 5 Using Redsnow

UPDATE: An untethered jailbreak for iOS 5.0.1 is here. Visit my post on how to jailbreak iOS 5.0.1 untethered
1. Download Redsnow here for Windows and here for Mac
2. Download the iOS 5 firmware for your device below

• iPhone 4 (GSM) AT&T
• iPhone 4 (Verizon) 
• iPhone 3GS 
• iPad 
• iPod touch 3G 
• iPod touch 4G

Make sure you have iTunes 10.5. If you don't go to the Apple webpage and download iTunes
3. Connect your device to your computer and restore device to iOS 5.0 through iTunes
4. Open Redsnow and click on "Extras"
5. Next click on "Select IPSW"
6. Specify the iOS 5 firmware file.
7. Check the box "Install Cydia" and click "Next"
8. Make sure your device is plugged in and turned off and click "Next"
9. Now it will get you into DFU Mode. Follow the directions. If you don't get it on the first try, try again
10.  Redsnow will jailbreak your device on iOS 5

This jailbreak is TETHERED. After you jailbreak, make sure you go to Extras- Just Boot, to boot your device. Every time your device runs out of battery, it loses it's jailbreak. You have to connect it to your computer, open Redsnow, and click "Just Boot Tethered" That way your device will be jailbroken again. For more information, visit How To Boot Tethered.