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BigBoss have released a semitethered jailbreak for iOS5. If you have Installous or any AppSync please don't use this because BigBoss say there is a problem that the creator of AppSync need to fix and saurik need to update something.
Step #1
Press to launch Cydia from your Springboard.
Step #2
Press to select Manage from the tabs at the bottom of the screen.
Step #3
Press the Sources button.
Step #4
Press the Edit button at the top right of the screen.
Step #5
Press the Add button at the top left of the screen.
Step #6
Input
https://thebigboss.org/semitether into the text field and press the Add Source button.
Step #7
Press the Return to Cydia button.
Step #8
Select thebigboss.org from the list of Sources
Step #9
Select SemiTether from the list of Packages
Step #10
Press the Install button at the top right of the screen.
Step #11
Press the Confirm button to begin installation.
Step #12
Press the Reboot Device button.
You're device will now reboot but with limited thing.
To get everything back you will need to boot tethered. Launch RedSn0w from your computer then select Extras then Just boot from the menu and evrything is back remember this is a semitethered is to get some functions will your on the go and the iDevice shut down.