After months of work, Pod2g, the iPhone Dev Team and the Chronic Dev Team released the untethered jailbreak for the iPad 2 and the iPhone 4S. The jailbreak tool, Absinthe, is compatible with the iPhone 4S running iOS 5.0 or 5.0.1 (9A405 and 9A406) and the iPad 2 Wifi/GSM/CDMA running iOS 5.0.1.
The jailbreak tool is available for Mac owners and can be downloaded from greenpois0n's website. A Windows version is in the works. Once you have Absinthe, the jailbreak process should take about 15-20 minutes, but it could take longer as greenpois0n is swamped. If you have any problems, you can hop onto IRC ad connect with the experts at #greenpois0n on http://irc.chronic-dev.org.