A "jailbreak" usually means that savvy consumers have found a way behind the user interface of consumer electronics, and this often paves the way for the use of pirated software, among other things. The PlayStation 5 has been out for two years, and now it appears to have been jailbroken.
Modder Lance McDonald makes the announcement via Twitter. McDonald has previously made a name for himself by releasing a proprietary update for Bloodborne that forced the game to run at 60 frames per second, so this is one tech-savvy individual we're dealing with.
<social>https://twitter.com/manfightdragon/status/1576768394707161088</social>
The implications of this are still uncertain, and many have been warned that this approach doesn't always work.