According to MuscleNerd of the iPhone Dev-Team, the just-released iOS 5 beta 2 can be Jailbroken using the same redsn0w tools used to jailbreak the first beta. Guide and download links are below.
5.0b2 can be jailbroken w/redsn0w from 2 wks ago http://is.gd/6eek4Y (must point redsn0w at 5.0b1 IPSW)..devs ONLY please