News of this new jailbreak came from a Unix hacker in the form of an update sent via his Twitter account. As of now Ac1dSn0w isn�t much different from the likes of Redsn0w and Sn0wbreeze but it is an alternative and it looks like it might have a good future too thanks to features such as remote jailbreaking, custom firmware creation and iRecovery remote. It is currently only available for OS X.
In order to use this jailbreak you need to download Ac1dSn0w for Mac and launch it. Next you need to connect your supported iOS device via USB to your Mac. Then you need to turn it off. The next step is to click on Show Assistant and follow the on screen instructions to enter DFU mode. Once your device is in DFU mode all you have to do is click on jailbreak from Ac1dSn0w and allow it to do its thing. Your iOS device will then reboot after the jailbreak has been completed. You then need to put it into DFU mode again and click on tethered boot from Ac1dSn0w to jailbreak tethered on iOS 5 or iOS 5.0.1.
Once completed your iOS device will now boot in tethered jailbroken state and you will have Cydia installed. If you wish to restart your device you will have to boot into a tethered jailbroken state each time. This new jailbreak will work on iPhone 4, 3GS, iPod Touch and iPad so if you are looking for a jailbreak this could be the tool for you.