Yes you read that right, MuscleNerd of the iPhone Dev Team has posted some pictures on his twitter account, confirming the jailbreak works fine on iOS 5, but of course it is limited to tethered boot only, which means you will have to connect it to your computer on every reboot.Pictures
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Meh, it's not like I am going to use it any way. HAHAHA
Actually I don't have an Iphone.