The Masuda method was introduced in Diamond and Pearl in conjunction with the GTS. You need two Pokemon from different language releases of the game to breed for a higher chance of a shiny. This mechanic is the same for all generations the method has been present in since. The only core difference is the rates of finding one.
In Black and White / Black 2 and White 2, the rate of finding a shiny without any modifiers is 1 in 8,192.
The Masuda method multiplies the rate of finding a shiny by 6, making the chances 6 in 8,192.
For comparison, the rate of finding a shiny without modifiers in XY since has been increased to 1 in 4,096. Using the Masuda method from XY onwards has the same multiplier of x6 applicable to the new standard rate, making it 6 in 4,096. In Diamond/Pearl, the Masuda method only had a multiplier of 5, making the rates in those games 5 in 8,192 with the method being used.
So in Black and White the chances of finding a shiny via Masuda method are lower than that of finding one in later generations (such as BDSP) but higher than finding one in Gen4 (Diamond, Pearl, Platinum)
Hope that helped.
Source: Bulbapedia shiny rates