It was quite simple, contrary to my expectations:
The steps I followed:
1. Enabled USB debugging
2. Got the GingerBreak apk file on my Android phone SD card and installed it
3. DS went into reboot itself. Took several minutes to boot back to the OS
4. You should see a Superuser icon in your applications list now.
Now the applications that require superuser privilage will ask through the Superuser app. You can give or deny it based on your discretion.
Many thanks to the developer of this application.
Dell Streak 5 unlocked running Froyo 2.2.2
[App] [26.04.2011][v1.2] GingerBreak APK (root for GingerBread) - xda-developers
C skills: yummy yummy, GingerBreak!