I'm not sure if there is a free-to-download-and-distribute IBM JRE. There are certainly IBM Win32 JREs that are not tied to IBM PCs and if you own certain IBM products, you can redistribute the JRE as per their terms.
For example, this excerpt comes from the pithily titled IBM Rational Application Developer for WebSphere Software 7.5.2 GA license:
DISTRIBUTION OF JRE REDISTRIBUTABLES
You may distribute the software listed
  below (the "JRE Redistributables")
  only in conjunction with Your
  application and subject to the
  following terms: (1) Your
  redistribution of the JRE
  Redistributables must be in object
  code and must comply with all
  technical and user directions provided
  with the Program; (2) Your application
  must redistribute other
  Redistributables identified in this
  license with the JRE Redistributables
  unless Your application is designed to
  run only on general computer devices
  (e.g., desktops and servers) and not
  pervasive devices; (3) You may not
  remove any copyright or notice files
  contained in the JRE Redistributables;
  (4)You will indemnify IBM or third
  parties that provide IBM products
  ("Third Parties") from and against any
  third party claim arising out of the
  use or distribution of Your
  application; (5) You may not use the
  same path name as the original
  files/modules; (6) You may not use
  IBM's or Third Parties' names or
  trademarks in connection with the
  marketing of Your applications without
  IBM's or Third Parties' prior written
  consent; and (7) IBM or Third Parties
  provide copies of these files or
  modules "AS IS," i.e., You are
  responsible for all technical
  assistance for Your application.
In Your license agreement with the
  recipient, You will notify the
  recipient that these files or modules
  may not be 1) used for any purpose
  other than to enable Your application,
  2) copied (except for backup
  purposes), 3) further distributed
  without Your application or 4) reverse
  assembled, reverse compiled, or
  otherwise translated.
The JRE Redistributables software can
  be found in the following directory on
  the installation media:
/jdk/jre
You can lookup/search IBM software licenses at http://www.ibm.com/software/sla/sladb.nsf.