iPhone Dev-Team Releases RedSn0w 0.9.8b7
The iPhone Dev-Team has released RedSn0w 0.9.8b7 which brings support for the new iOS 5.0b6 iPad 1 build and adds explicit support for a tethered 4.3.5 jailbreak.
Apple updated the iPad1 iOS5b6 IPSW without changing its version number or filename, so we're releasing redsn0w 0.9.8b7 to handle both the original and changed IPSW. We've also added explicit support for a tethered 4.3.5/4.2.10 jailbreak (instead of pointing at the 4.3.4/4.2.9 IPSWs) and fixed a 4.2.10 problem.
You can find RedSn0w download links here. You can instructions on how to jailbreak your device here.