iOS 5 Beta 2 that has just been seeded to developers of iOS developer program can be jailbroken using Redsn0w 0.9.8b1.
Couple of weeks back, iPhone Dev team had released Redsn0w 0.9.8b1 for Mac and Windows users to jailbreak iOS 5 beta 1 for iPhone, iPad and iPod Touch.
The trick is to point Redsn0w 0.9.8b1 to iOS 5 beta firmware file. MuscleNerd of the iPhone Dev Team has also confirmed this on Twitter:
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