pod2g has updated his blog with a video by Chronic Dev Team member, DHowett, running an untethered A5 jailbreak[1] on his iPhone 4S[2] on iOS 5.0.1. The video runs down everything you’d expect from rebooting the device to show an untethered state and launching Cydia and showing that the device ID is indeed an iPhone 4S. Considering the iPhone 4S and iPad 2[3] are both A5 devices, an untethered jailbreak should work for both.
pod2g says this means we should only have a few more to wait now. Not sure if “a few more” implies days, months, light years, or some other measure of time. For now, we’ll just have to sit back and be patient for what should be just a little while longer. Non-A5 iPhone and iPad owners can untethered jailbreak iOS 5.0.1[4] right now.
Source: pod2g[5]

References
- ^ jailbreak (www.imore.com)
- ^ iPhone 4S (www.imore.com)
- ^ iPad 2 (www.imore.com)
- ^ untethered jailbreak iOS 5.0.1 (www.imore.com)
- ^ pod2g (pod2g-ios.blogspot.com)