ih8sn0w today updated sn0wbreeze to jailbreak iOS 5 Beta 3, but not only that. It can also preserve the baseband of iPhone 4 or 3GS that rely on ultrasn0w or Grevey Sim unlock. This jailbreak won't make the AppStore apps crash when on iOS 5 beta 3, unlike redsn0w. See below for the author's release notes.

sn0wbreeze v2.8b4 For iOS 5.0 b3(9A5259f)
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* Intended only for developers (as usual).
* Hacktivation is disabled (again).
* MAKE SURE YOU UPDATE TO iTunes 10.5 BETA 3!
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Supported Devices/Tethered?
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iPhone 3G[S] (old bootrom) [UNTETHERED]
iPhone 3G[S] (new bootrom) [TETHERED]
iPhone 4 (GSM) [TETHERED]
iPhone 4 (CDMA) [TETHERED]
iPod Touch 3G [TETHERED]
iPod Touch 4 [TETHERED]
iPad 1G [TETHERED]
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Those wondering, the jailbreakme exploit
cannot be integrated into applications
such as PwnageTool/redsn0w/sn0wbreeze.
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redsn0w seems to be having sandbox errors
due to it using the old b1 kernel.
I and many others have not seen any issues
with sn0wbreeze related to App Store apps.
If you prefer to use redsn0w, I am sure
@MuscleNerd is working on a fix.



Download Sn0wbreeze v2.8b4 from HERE