As promised, the infamous Dev Team has just released its CLI jailbreak which is compatible with both the iPhone 4S and the iPad 2. It's still for Mac users only, but it does provide an alternative to the Absinthe app.
We must warn you though that this isn't your typical jailbreak software. CLI stands for Command Line Interface, meaning using it isn't as easy as clicking the "jailbreak" button. It's definitely not for the feint of heart...