Custom firmware should allow you to upgrade to 5.0 without touching your baseband (and avoiding the dreaded "1013 unbootable" error. I don't think ultrasn0w or Gevey SIMs work on iOS 5, so proceed at your own risk.
TU has been updated for the iOS 5 GM as far as I am aware.
Hey everyone.... I asked this question back in Oct.... does anyone know if it could be done now? I know they upgraded ultrasnow... and redsnow preserves the baseband....so would it be upgrade to 5.0.1 with a custom ipsw with redsnow... then jailbreak...install ultrasnow...to unlock... (iphone is currently ios 4.0 with 01.59.00)... I'm afraid of screwing up the baseband....