There’s an apparent PS5 jailbreak, but only for old firmware

engadget.com:

Almost two years after the PlayStation 5 went on sale, it seems that modders have found a way to jailbreak the console, albeit with some significant limitations. As IGN notes, a modder known as SpecterDev revealed the apparent jailbreak, which is described as an experimental IPV6 kernel exploit that takes advantage of a WebKit vulnerability.

It appears the jailbreak will only work on PS5 systems that run firmware version 4.03 or earlier. If you have updated your PS5 since last October, you're probably not going to be able to try the exploit. Even then, it seems that trying to install the jailbreak only works around a third of the time.

As for what you can actually do with a jailbroken PS5 right now, you'll gain access to the system's debug menu. You might be able to install games from outside of the PlayStation Store as well, but it's not possible to run sideloaded software. 

Modder Lance McDonald tried the jailbreak and was able to install the PS4 demo P.T., Hideo Kojima's famed, delisted teaser for the canceled Silent Hills. (PS4 units with P.T. installed often pop up on eBay.) However, McDonald wasn't able to start playing the game. While the exploit offers read/write access to the PS5, there's currently no way to execute sideloaded files. P.T. isn't backward compatible on PS5 in any case.

As it stands, it doesn't seem likely that this jailbreak will be in widespread use anytime soon, due to its limitations and the fact that Sony could ban modders' accounts. On top of that, there's the risk of bricking the console at a time when it still isn't super easy to buy one. Still, this could give other hackers and modders a foundation on which to build more robust jailbreaking tools.