iPhone 4S and iPad2 users alike will be happy to know that iPhone-Dev team member, @musclenerd, has successfully jailbroken A5 devices iPhone 4S and the iPad2. This jailbreak is still in it's very early stages and there is a lot of work left to be done so we are still probably a ways out before actually seeing a public jailbreak.

The Chronic-Dev team is supposedly working on their own iOS5 jailbreak so it will be interesting to see who finishes first. Surely only one of the two jailbreaks will be released at this point so as not to burn two exploits at once.

MuscleNerd has also provided a video of the preliminary jailbreak running on his iPad2.