It looks like Grant Paul, aka Chpwn, is in possession of a jailbroken iPhone 5.

We can’t really say much more, other than the fact that he posted a screenshot of Cydia running on the iPhone 5 a few moments ago. More details of the exciting news inside…
Click here to enlarge Grant Paul (chpwn) @chpwn
Taller screens like Cydia too. Click here to enlarge

Click here to enlarge
21 Sep 12
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This is awesome news, for this to 1). Come from a respected jailbreak dev, and 2). For it to come on the same day of the iPhone 5 release. It also means that there is hope for jailbreaking A5X devices on iOS 6 as well.
Also, I should mention, that if you’re running iOS 6 on an older A4 device, you can already jailbreak now.
Update: and here’s the Cydia home page.
Click here to enlarge
Looks nice, no? Again, thanks to Chpwn.