iH8sn0w released the beta 6 version of sn0wbreeze 2.8, software that allows us to make a custom ipsw jailbroken for iOS 5. Sn0wbreeze 2.8 keep baseband intact during the update so if you have the iPhone that needs to unlock, with Gevey 3G or ultrasn0w you can rest assured but I have not tested ultrasn0w on iOS 5 so I cannot tell if it works or not.
This version of the program is not compatible with iPad 2 so do not try to use it with your iPad 2. Sn0wbreeze 2.8 beta 6 is available for everyone even if you do not have your UDID registered and iH8sn0w included the option to disable the expiry date of these beta versions of iOS 5.
