We are not too far off now from a public release of an untethered jailbreak for both iPhone 4S and iPad 2.

iPhone 4S Jailbreak

Pod2g, who is the genius behind this iOS 5 exploit for both A4 and A5 devices, has posted a video on his blog which shows jailbroken iPhone 4S running Cydia, on iOS 5.0.1 – fully untethered jailbreak.

Pod2g says:
My friend @DHowett made a video of an untethered 4S iPhone 4,1 running iOS 5.0.1 some days ago.@DHowett is a famous iOS developer and a member of the Chronic Dev Team. Only a few to wait now.

iPhone 4S Jailbreak – Untethered – See The Video

Today, a member of the so-called “Dream Team”, the legendary iPhone hacker PlanetBeing, tweeted out some more progress on an A5 jailbreak (for iPhone 4S and iPad 2), confirming unsigned code running successfully on his iPhone 4S.
@planetbeing: Finally got unsigned code running on my 4S with the stuff that will go into the new jailbreak!

iPhone 4S Jailbreak

While there is still no official ETA from either of the Dev-Teams for this most awaited jailbreak in recent times, but if the “hint” in Pod2g’s blog post is anything to go by, it is only a matter of few more days now before we can all get our hands on jailbreak for both iPhone 4S and iPad 2.

In the meantime, if you still haven’t upgraded your iPhone 4S or iPad 2 to iOS 5.0.1 yet, it is highly advisable to do so now as Corona untethered jailbreak exploit has been reportedly patched by Apple in the latest iOS 5.1 Beta.

You MUST upgrade your device to a final version of iOS 5.0.1 now before iOS 5.1 is released to the public. This is important because once the final version of IOS 5.1 is out, you won’t be able to downgrade your device back to iOS 5.0.1 and hence will be out of luck for any jailbreak until the next one pops out.
Just follow UnlockBoot and be first with jailbroken iPhone 4S and iPad 2.