In the video an iPod touch is shown with an untethered jailbreak running iOS 5. The original tweet seen above had many sceptical so pod2g has now released a video of the jailbreak in action. Video inside.
Note that this doesn’t mean we’ll see a release imminently. As with all jailbreaks much testing needs to be done to avoid bricked devices and other complications. But it’s looking good and shows an exploit is out there and very real.