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[retro114]

I'm looking to upgrade my 3GS to the new iOS 5.

These are the steps which I think are required.
Do correct me if I'm wrong please
1. Download firmware
2. Make a custom firmware out of it by preserving BB
3. Update
4. Jailbreak via latest version of redsnow.

Okay, so how do I unlock it afterwards.
Kind of confused on that part.

Suggestions would be really appreciated.

 

[bab2010]

The process is correct.
As for unlocking it after JB, go to Cydia and find "Ultrasnow" which will unlock your iPhone if your BB is supported.