It's taken its sweet time but it's finally here. You can now untethered jailbreak your iPhone 4S and iPad 2 running iOS 5.0 or 5.0.1 using Greenp0ison Absinthe. The software tool available currently works on Mac only so if you're a Windows/Linux user you'll have to wait a bit for the respective versions. The process is quite long compared to previous jailbreaks so be sure to have a fully charged device.
Follow the steps here to jailbreak your iDevice