The iOS 5 will be release in September. As for the jailbreak version of iOS 5 it will comes up after the official release of iOS 5. It's almost certain that redsnow and pwnage tools will be the first to be able to untether jailbreak the official release of iOS 5.
ios 5 in the fall.. jailbreak, there is already one for the betas so i imagine not long after ios 5 release date that no one has an exact date of release