Earlier we received a news from iPhone Dev-Team's member, MuscleNerd, that iPhone 4S has been successfully jailbroken on iOS 5. And now iPhone Dev-Team has also managed to Jailbreak iPad 2 Running iOS 5. iPad 2 is slower iDevice to receive a jailbreak. It can only be Jailbroken on iOS 4.3.3 by Comex's JailbreakMe until now.
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Here’s a short video of current JB working on iPad2: youtu.be/oJVGl1eRW2A (Just like iPhone4S, lots of hurdles remain, no ETAs)
(For completeness (& post-verification this is real), here’s the iPad2 iOS5 ioreg dump musclenerd.com/ioreg_ipad2.txt .. 4S is earlier in timeline)
However, it is not the release of iPad 2 Jailbreak as stated by MuscleNerd that a lot of work needs to be done right now. So it seems that both iPhone 4s users as well as iPad 2 users have to wait together for the Jailbreak as both devices feature an A5 Processors. MuscleNerd previously mentioned that iPhone 4S and iPad 2 both will receive a same Jailbreak. You can below given as a proof by MuscleNerd.