Understanding the current capabilities and risks of AI Scientist systems (autoresearch) is essential for ensuring trustworthy and sustainable AI-driven scientific progress while preserving the integrity of the academic ecosystem. To this end, we develop Jr. AI Scientist, a state-of-the-art autonomous AI scientist system that mimics the core research workflow of a novice student researcher: Given the baseline paper from the human mentor, it analyzes its limitations, formulates novel hypotheses for improvement, iteratively experiments until improvements are achieved, and writes a paper with the results. Unlike previous approaches that assume full automation or operate on small-scale code, Jr. AI Scientist follows a well-defined research workflow and leverages modern coding agents to handle complex, multi-file implementations, leading to scientifically valuable contributions. Through our experiments, the Jr. AI Scientist successfully generated new research papers that build upon real NeurIPS, IJCV, and ICLR works by proposing and implementing novel methods. For evaluation, we conducted automated assessments using AI Reviewers, author-led evaluations, and submissions to Agents4Science, a venue dedicated to AI-driven contributions. The findings demonstrate that Jr. AI Scientist generates papers receiving higher review scores by DeepReviewer than existing fully automated systems. Nevertheless, we identify important limitations from the author evaluation and the Agents4Science reviews, indicating the potential risks of directly applying current AI Scientist systems and key challenges for future research. Finally, we comprehensively report various risks identified during development. We believe this study clarifies the current role and limitations of AI Scientist systems, offering insights into the areas that still require human expertise and the risks that may emerge as these systems evolve.