Since Apple can’t patch the bootrom exploit, of course iOS 5 is jailbreakable. Above you can see screenshots from MuscleNerd’s iPod Touch 4G which is running iOS 5 jailbroken via limera1n + tethered boot. That means that when the final version will come out, all the jailbreaking tools will be updated relatively quick but, in the meantime ( especially unlockers ) should stay away from the betas. If you update to any of the iOS 5 betas, you can downgrade your device ONLY if you have the SHSH blobs saved ( except iPad 2 ) Also, iPad2-GSM and iPad2-CDMA owners must stay clear of all 5.0 betas to stay eligible for any potential 4.3.3 JB.
Stay tuned for more updates…