Saurik has updated WinterBoard to be compatible with iOS 5.
WinterBoard provides hooks that let graphics artists safely and simply theme almost anything in Apple's OS, including third party software downloaded from App Store. Multiple theme packages can be installed at once using the configuration interface: simply drag themes into a priority order.
WinterBoard was designed to accept SummerBoard themes without modification but is much more powerful than its predecessor and can theme almost any graphic on the system. You can even easily modify .artwork files without having to hack their contents, all from the safety of your theme folder.
I bought one because my iPhone 4 was in crappy shape and am patiently waiting for the iPhone Dev Team to release a jailbreak. I know they have to go through and learn a whole new hardware system but I hope that enough of it is similar to the iPHone 4 that it will only take a couple months.
Also, I am guessing that Apple has 5.1 or 5.0.1 in the pipe to be released shortly so I would assume they would wait until after that comes out to release a jailbreak so they don't burn it.
Patiently waiting,
Brian.
+1
I went ahead and bought the 4S because the benefits outweighed the benefits from jailbreaking for me...but just barely.
I too wait patiently for the 4S and iPad 2 jailbreaks... and by patiently, I mean it's the first thing I look for when I wake up each morning.