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Musclenerd of the iPhone DEV team posted some pictures from his twitter that the IOS 5 Jailbreak is running smoothly and according to plans. As you are probably wondering what is the Estimated time available? The answer is whenever they decide it is safe to release. They normally wait until everything works on the Golden Master version and usually jailbreak tools like Redsn0w, Pwnagetool, and Sn0wbreeze get updated to support Apple's latest installment. Please remember this is a Tethered Jailbreak meaning when you turn off the device you will need a computer to turn it back on.