Musclenerd of the iPhone Dev Team recently tweeted some very welcoming news, the iPhone 4S has been successfully jailbroken and is currently in it’s early testing phase. Musclenerd also uploaded a video showing that the Apple iPad 2 has also been jaibroken running the latest iOS 5 firmware.
As of right now there are no ETA’s given on release date but given the circumstances, don’t expect an actual untethered jailbreak to come any time soon.
VERY preliminary 4S JB: http://twitpic.com/76vcp4 http://twitpic.com/76vct2 (Huge missing pieces prevent public release. LOTS of work left)
Here’s a short video of current JB working on iPad2: http://youtu.be/oJVGl1eRW2A (Just like iPhone4S, lots of hurdles remain, no ETAs)