Hackers have successfully made iPhone 4S jailbreak
VERY preliminary 4S JB: http://twitpic.com/76vcp4 http://twitpic.com/76vct2 (Huge missing pieces prevent public release. LOTS of work left)
This is just a first step, and as MuscleNerd said there's a lot of work left to do. So don't expect to see new utility anytime soon. But this is still great news.
UPDATE: iPad 2 iOS 5 jailbreak video
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