Few Minutes ago the iPhone hacker Musclenerd Posted in a tweet that you can jailbreak iOS 5 beta 3 using Redsn0w 0.9.8b1 .
MuscleNerd Said :
Today’s 5.0b3 can be jailbroken with last month’s redsn0w (point it at 5.0b1 IPSW..devs only please!)
Redsn0w 0.9.8 was Released last month by iPhone Dev-Team to jailbreak iOS 5 Beta 1 and it was able to jailbreak iOS 5 Beta 2 and now Mucslenerd confirmed That you can jailbreak iOS 5 Beta 3 by the same version of Redsn0w.
Download iTunes 10.5 Beta 3.
Download iOS 5 Beta 3.