New version of redsnow has been released and guess what, it is perfectly compatible with the just released iOS 5 Beta 4 for iPhone. Redsnow is pretty easy to use and does not requires a great deal of work from the userâ€™s side as it does everything behind the scene.
First download the iOS 5 Beta 4 from the torrent websites. In case you are a developer, you can get them from Appleâ€™s developer page. You will also need iTunes 10.5 beta to perform the jailbreak.
You will be told to put the iPhone in DFU mode. For that, hold the power and home buttons for 10 seconds. Then while keeping the home button pressed, leave the power button for another 10 seconds. The screen will go blank which is a confirmation that the iPhone is in DFU mode. The Redsnow will now jailbreak the iPhone.
Keep in mind that this is a tethered jailbreak and you will need to jailbreak it again using redsn0w everytime you perform a reboot.