The iPhone Dev-Team has recently updated redsn0w, adding support for the first beta version of iOS 5 (Mac only, for now).

Earlier today, @MuscleNerd hinted that a tethered solution could be released today, in honor of the last day of WWDC. Now, the iPhone Dev-Team has updated its jailbreak tool – redsn0w – accordingly, adding support for the upcoming operating system.

For now, the iPhone Dev-Team can only offer a tethered solution, meaning that jailbreakers will have to hook their iPhone up to a computer when rebooting, in order to regain jailbreak functionality. In all honesty, I’ve tried using a tethered iPhone and it’s not too bad, providing you don’t run out of juice on the go. However, if you’re not desperate¬†for a jailbroken iPhone, we’d probably recommend holding off for an untethered solution (if it’s ever developed).

Attention unlockers – stay away from iOS 5: If you update to iOS 5, you will “very likely lose your unlockable baseband.”

Fortunately for us all, Redmond Pie has put together a guide for jailbreaking iOS 5.0 beta 1 via the recently updated redsn0w. You can check that out by clicking this link. Alternatively, you read what the iPhone Dev-Team has to say about the release over at its website.

And be sure to let us know if you’re planning on jailbreaking your iOS 5-running handset in the comments below.