Both the iPhone Dev Team and pod2g posted updates about the upcoming A5 jailbreak for the iPhone 4S and the iPad 2. According to both sources, the technical challenges behind the jailbreak are completed and the developers are working on bug fixes before releasing the tool to the public. Pod2g says you’ll be “able to free your iPhone in some hours.”
Unlike earlier jailbreaks, the A5 jailbreak will use the restore/backup function of iTunes to install the software. It may cause unforseen problems, which is why the team is being extra diligent in their testing. The GUI tool, Absinthe, was developed by the Chronic Dev Team and will install the untethered jailbreak on your device. The iPhone Dev Team is also releasing a command line tool if you wish to do the jailbreak manually or run into problems with the GUI tool.
The group has also setup a unified PayPal account and are accepting donations if you wish to support their work. You can read about Absinthe and the CLI tool on pod2g’s blog and the iPhone Dev Team’s blog.
Update: the jailbreak for the iPhone 4S and the iPad 2 is now available. You can grab the link from pod2g’s website.