Gradly

Dev-Team pushed another update to Redsn0w jailbreak for iOS 5. The news came from @MuscleNerd as always via Twitter explaining that Redsn0w 0.9.9b7 for Windows and Mac is the fastest jailbreak solution for iOS 5. Total jailbreak time has been reduced to 80 seconds which was previously around 210 seconds. However, this will stretch the first time loading of Cydia after jailbreak, during which the stashing of applications will occur. An option in Redsn0w 0.9.9b7 preferences allows you  to choose whether you want redsn0w or Cydia to stash applications.

Via the official Dev-Team blog:

After some feedback on reddit, we’ve decided to make the initial jailbreak as quick as possible by no longer “stashing” the applications by default during the redsn0w run.  This reduces the time to actually perform the jailbreak from 210 seconds to 80 seconds (60 percent!).  However, you make up for much of that the first time you launch Cydia, which will then want to stash the applications.  You can choose whether you want redsn0w or Cydia to stash in the Preferences pane.

Here are the official download links:

• Download Redsn0w 0.9.9b7 for Mac
• Download Redsn0w 0.9.9b7 for Windows

Here is a detailed tutorial on: How to Jailbreak iOS 5 On Your iPhone 4, 3GS, iPad or iPod Touch Using Redsn0w