@musclenerd just tweeted that they managed to jailbreak the iPhone 4S and the iPad 2 running iOS 5. There is still a lot of work to do, so we shouldn’t expect this jailbreak to be released soon. It is going to be a userland exploit which means we could see a new version of jailbreakme.com.
VERY preliminary 4S JB: twitpic.com/76vcp4 twitpic.com/76vct2 (Huge missing pieces prevent public release. LOTS of work left) - musclenerd
