It has recently been tweeted by iPhone Dev Team Member, MuscleNerd (Hacker and Developer) that they have already Jailbroken the iOS 5 on iPod Touch 4G using the limera1n code and a tethered boot from a computer. This is the same iOS 5 which was seeded by apple to Developers last night.
Hackers are still not sure about this, Earlier before than this,There have been jailbreaks for early iOS betas. So This Time Dev Team Prefer the Public release then they'll release the Jailbreak rather than unleashing the necessary code to install Cydia on iOS devices.
And it is still not confirmed whether this one of their Exploit would be able to Jailbreak the iPad 2 or not. But the Above image clearly shows that they have achieved an Successful Jailbreak for iOS 5 on iPod Touch 4G.
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