You would need to backup your apps and music.For backup apps I suggest PkgBackup or AptBackup.Here's a video (Not my video)
.For music I'm not sure.
http://www.spiritjb....-done-here.html According to here i0n1c already has an untethered jailbreak but they are just waiting to release it so just wait like a day or 2.
My bad,I meant to post this video lol.Really? What would happen if I did the 'Restore' in iTunes after installing iOS 5 and jailbeaking?
Thanks man, I'll wait.