Jailbreak and activation works exactly the same as in Beta 1. You have to use Beta 1 firmware file (in redsn0w) in order to jailbreak and boot tethered. You will need updated bundle in order to skip headache.
New in beta 2 is wifi sync with iTunes. In order to do it you will need newer beta version of iTunes 10.5.
You can find both iTunes 10.5 and iOS 5.0 Beta 2 here.
Updated bundle links: Ziddu | Mediafire