The long wait is finally over.  Due to the diligent efforts of EVERYBODY in the scene,  (@pod2g, @planetbeing, @saurik, @pimskeks, @p0sixninja, @MuscleNerd, and @xvolks) we can finally jailbreak our A5 devices.  iPhone 4s and iPad 2 are now jailbroken and untethered with the latest and most complex jailbreak to date.  Works with iOS 5 or iOS 5.0.1.  Representing hundreds if not thousands of man hours (it even takes forever to run).  Enjoy!  i included a donate link at the bottom if you wish to buy them a beer.

Download Absinthe from Chronic:
http://greenpois0n.com

or Dev-Team Tools here:  (currently CLI only)
http://blog.iphone-dev.org/

Donate to the combined effort. (despite paypal)