OK, jailbreak fans. It's not complete, and it's definitely not widely available, but the first jailbreak for the iPhone 4S is starting to make the rounds. It's actually a jailbreak for iOS 5, and works not only on the iPhone 4S but also the iPad 2.
iClarified reported that the iPhone Dev-Team is demoing a preliminary jailbreak. Notes from the team state that "huge missing pieces prevent public release. LOTS of work left" for the iPhone 4S jailbreak, similar to the comments made about the iPad2 "Just like iPhone4S, lots of hurdles remain, no ETAs."
A video of the in-progress jailbreak working on the iPad 2 can be viewed below. Enjoy, and keep your browser pointed to TUAW for all of your up-to-the-minute jailbreak news.