It looks like iPad 2 and iPhone 4S untethered jailbreak will truly be a team effort. Recently another hacker Saurik joined the team and made "some major contributions" yesterday.

Last week Pod2g announced ^[1] that Planetbeing, MuscleNerd, and P0sixninja joined his effort to release an untethered iOS 5.0.1 jailbreak of the iPhone 4S and iPad 2 (A5 CPU devices).

Today, MuscleNerd noted that the team has received some major contributions from saurik:

props to @saurik for major contributions to the A5 version of @pod2g's untether yesterday! (still no ETA, but moving forward)

Pod2g also thanked planetbeing for his help in escaping from the sandbox.

And greetings to @planetbeing for the coding + research. Really great stuff to escape from the sandbox.

Good news, that means that there is progress and we might see utility sometime this month.

UPDATE:
Pod2g has also addressed the request that the untethered jailbreak be released to developers. He previously revealed that there is a working jailbreak that requires a developer account.

Sorry, we can't release the A5 for the developers, the exploit used have to be kept secret. I know this is unfair.