The latest version of SnowBreeze has been released with support for an untethered jailbreak for iOS 5 Beta 1. RedSnow made by the Dev Team, was also updated for iOS 5 Beta 1, but is still using a tethered jailbreak.
The new jailbreak allows you to continue to use the old Boot rom with the 3GS as well. SnowBreeze is only available for Windows, and you can learn how to do the jailbreak using snowbreeze here. We are hoping to see a new beta from Dev Team for RedSnow to use an untethered jailbreak. This is only available for the 3GS currently, while no untethered jailbreak is available for the iPhone 4 currently.
Several reports are pouring in that SnowBreeze is working flawlessly for several people. Let’s hope the streak continues.