The beta version of Ac1dSn0w is here. So what is it? PwnDevTeam has released Ac1dSn0w as an alternative tool to jailbreak Apple devices running iOS 5, including the iPhone 4, iPhone 3GS and first generation iPad. The software also jailbreaks the 4th generation iPod touch and runs on Mac OS X Lion and Snow Leopard.
Like other jailbreak tools including Pwnage Tool, redsn0w and sn0wbreeze, Ac1dSn0w provides a tethered jailbreak solution for devices running iOS 5 or 5.0.1. Currently the software does not create custom firmware packages, however several features are available in the current version.