According to iOS jailbreak developer and security researcher pod2g, the jailbreak for Apple’s devices that are powered by A5 chips will be ready within a week. Apparently he has made a considerable “step” today with the development of this jailbreak; he does not elaborate on whether it was a large step or not, but simply states that the jailbreak should be arriving within a week.
I made a step today for the A5. With some luck we could expect a release in a week.
The iOS 5.0.1 untethered jailbreak was released on December 27th and supported all of Apple devices, excluding the A5-powered ones. Untethering an older device is simple with Corona, the iPhone Dev-Team’s tool, which is located in Cydia and available for free.
Update: Pod2g says that you may upgrade your iPhone 4S and/or iPad 2 to iOS 5.0.1.
Yes, upgrade your 4S and iPad 2 to 5.0.1.