Hey, I am a proud owner of a iPhone 4S and iPad 2 so I am looking forward to the jailbreak
Currently the 4S and iP2 are both jailbroken on iOS 5.0.1
IMPORTANT: If you are a 4S or iP2 owner then update 2 iOS 5.0.1 if you DO NOT care about baseband unlock. If/when Apple release iOS 5.1 or 5.0.2 then the signing window for 5.0.1 will be stopped therefore you cannot update to that firmware again.
This explains it better
http://thebigboss.org/5-1-on-horizon...-to-5-0-1-asap
http://www.ijailbreak.com/ipad/update-to-ios-5-0-1-now/
iPhone 4S video:
iPad 2 Picture of Cydia:
Or for future updates you can look at pod2g blog
http://pod2g-ios.blogspot.com/
The jailbreak is so close to being released