Popular iOS developer and hacker MuscleNerd of the iPhone Dev Team has recently tweeted what many people have been waiting to see: proof of an iPhone 4S jailbroken on iOS 5. His tweet did mention that this is a very early version of the jailbreak and it is far from a public release. Furthermore, no ETAs have been given as of right now so we will have to continue to be patient.
This does give us some hope though that the iPhone 4S jailbreak will probably be released sometime over the next few weeks. At the very least, we know it has been achieved and there is progress being made to have it packaged for a public release. It has currently not been confirmed whether the method was a tethered or untethered jailbreak but I am sure for the many iPhone 4S users, having any form of a jailbreak beats having none at all. It is also possible that the same exploit might be usable on the iPad 2 (which also runs on the same A5 chip) but there has been no mention of that either.
Stay tuned for more information regarding the matter!
Source: MuscleNerd (Twitter) (1) (2)
UPDATE
MuscleNerd has tweeted again, this time with video proof of the same preliminary jailbreak working on an iPad 2. The assumption previously made was correct! You can see the video below:



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