yes it is possible but tethered only and honestly jailbreaking beta software is risky alone but playing the tethered game adds a whole new dimension to it. technically only jailbreak devs should be giving it a go so they can get their tweaks & apps ready
even a seasoned jailbreaker will most definitely get frustrated at this point due to so much inconsistency within the jailbreak scene (iOS 5)
but if you're really wanting to do it there are hundreds of tuts out there and the software to do it with. worse case scenario just restore