Great news for potential iPhone 4S and iPad 2 jailbreakers. Infamous hacker pod2g confirmed a few minutes ago that significant progress has been made on the jailbreak, and we should except it in a week if all goes well.
As you already are aware of, the untethered jailbreak for A4 devices, iPod touch, iPhone 4, etc. was released last week to much fanfare.
Now the only thing left to do is release an A5 (iPad 2, and iPhone 4S) jailbreak for the full enchilada...