I got ios5.01 if you want to jail break. The only way u can do this right now is only on the iPhone 4 and older. I went to jailbreakme.com. Get the latest redsn0w and follow the steps their. There is only a tethered option ATM. It is still in the beta stages.
My iPhone4 is jailbroken I have Installious working. Everything seems to work fine. Except you need your pc to boot the phone.
So if your away from home and u shut off your iPhone it will get stuck at the apple logo until you can boot with redsn0w.