iOS 5 beta 3 tethered jailbreak is out, requires Windows PC
It's a tethered jailbreak (requires a Windows machine, in fact) and if you happen to be the type of person who just doesn't feel right without a jailbroken iOS device, you can download sn0wbreeze 2.8b4 and go to town.
Engadget mentioned that there are features like custom alerts for text messages in iOS 5 beta 3, and also posted the following video from AppleNApps which purported to show that you could put app icons anywhere on the home screen of an iOS 5 device. The commenters on Engadget were quick to point out that this "feature" is actually a bug in beta 3 and not a new feature. Whoops!
Apple sent out iOS 5 beta 3 yesterday, and now a sn0wbreeze update has already jailbroken the beta