iH8Sn0w has updated Sn0wBeeze to perform an untethered jailbreak of the old bootrom iPhone 3GS on iOS 5.0b1.
Sn0wBreeze is a Windows application that creates a custom ipsw similar to PwnageTool. It will not update your baseband; however, UltraSn0w has not yet been updated for iOS 5.
This jailbreak is intended for developers only and can be download from here. To find out if you have the old bootrom you can follow this (Windows, Mac) tutorial.
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