According to the Freidens Q&A at BB4, they were contacted about two months ago by Amiga, Inc. about writing the kernel for OS5. So, I would assume they don't even have anything near an alpha. Probably at most just some OS components.
well that contradicts what Bill said. AI is working on OS5 in house, meaning not Hyperion/Friedens.
here's his quote just in case you missed it.
I should mention that while we have only talked about it once, OS 5 has been in development in Amiga by Amiga engineers and staff for over two years.
After two years worth of work, I'm sure there would be something to show for it.