This videos shows how to jailbreak iOS 6.1.2 iOS 6 on the iPhone, iPod Touch and iPad on iOS 5. The jailbreak for iOS 5 has been updated so check the link below and it will save you time. Good luck jailbreaking iOS 5 and leave a comment if needed.
This tutorial is outdated click here for a working jailbreak
Jailbreak Update + Download - http://www.youtube.com/watch?v=xYoOxZZN32o
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Jailbreak 6.1: http://www.jailbreaknation.com/tag/jailbreak-6.1