Chpwn a member of the iPhone Dev Team has successfully jailbroken the iPhone 5 running iOS 6. As of right now there is no ETA or even any assurance that Chpwn plans on releasing the jailbreak to the public.
The hacker first tweeted:
Taller screens like Cydia too. pic.twitter.com/fE14vXN2
He also followed up with a screenshot of Cydia the popular 3rd party debian package installer running on the iPhone 5. The waiting game begins.