Can I jailbreak an iPod 5g?
Yes! its really good but not as advanced as the old iPods..the link to the download is here:http://gdeluxe.com/tag/ipod-touch-5g-jailbreak-untethered/don't worry i downloaded it and tried it out myself!
Do not jailbreak yet, The maker of cydia just tweeted "Official jailbreak for iPod 5 coming next week on Friday afternoon!" I am waiting... I don't fall for fakes >.<
Don't do it unless you want to reduce its performance (primarily instability - crashes - and slower speeds) and void the warranty.