The hacker Stefan Esser, aka i0nic, has succeeded in creating a successful jailbreak of iOS 5.1 on the iPad 2 and has just released some photos showing jailbroken iPad 2 running iOS 5.1 through his twitter account. This is an amazingly fast achievement!
The photos of iPad 2 jailbreak on iOS 5.1 indicate that we are very close from seeing a release. It is probably a matter of days or few weeks until i0n1c performs his tests for stability and packaging and releases it to the public!
What about iPhone 4S? Dont worry, any progress on the iPad 2 means progress for the iPhone 4S (since they share the same processor :D)