iPhone Dev team has released a new version of Redsn0w for iOS 5 – Redsn0w 0.9.9b7, which includes performance improvements to make it a lot quicker to jailbreak your iPhone, iPad and iPod touch running iOS 5.

However, Dev team has explained that though the jailbreaking process will be a lot faster with the new version of Redsn0w, the time saved will be taken up when you launch Cydia for the first time after jailbreaking your iOS device:

After some feedback on reddit, we’ve decided to make the initial jailbreak as quick as possible by no longer “stashing” the applications by default during the redsn0w run.  This reduces the time to actually perform the jailbreak from 210 seconds to 80 seconds (60 percent!).

However, you make up for much of that the first time you launch Cydia, which will then want to stash the applications.  You can choose whether you want redsn0w or Cydia to stash in the Preferences pane.

You can download the latest version of Redsn0w for Mac and Windows using this link.

If you need help, you can checkout our step-by-step guide to jailbreak iOS 5:

Note: We’ll update the tutorial to incorporate the changes included in Redsn0w 0.9.9b7 shortly.

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