Hackers from the Chronic Dev Team recently announced that they have found 5 userland exploits in iOS 5. To us this means that it is very likely that an untethered jailbreak will be available for the upcoming firmware release.
P0sixninja made the announcement at MyGreatFest jailbreak conference held in London, England.
While this is a “record breaking number of exploits found”, userland exploits can be easily fixed via a minor software update. The exploits are kept in secret, so hopefully Apple won’t fix them before the expected iOS 5 launch next month.
The jailbreak is expected for all devices, including iPhone 3GS,