I0n1c posted up a few images to his Twitter account that supposedly show a jailbroken iPad 2 running iOS 5.1. This is only a proof concept that suggests the individuals working on the A5 jailbreak for iOS 5.1 are making progress.
This would be good news for iPad 2 and iPhone 4S owners, who had to wait months for a jailbreak of iOS 5. This time around, the A5 jailbreak may arrive days or weeks behind the non-A5 jailbreak. Late last week, the iPhone Dev Team released a version of redsn0w that supported a tethered jailbreak for all non-A5 iOS devices.