While iOS 5.1 has already seen a tethered jailbreak for the iPhone 4 and original iPad, iClarified reports that well-known iOS hacker i0n1c has now jailbroken iOS 5.1 on the iPad 2, which means an iPhone 4S jailbreak is likely possible as well.

While fellow hacker pod2G already noted that he was hard at work finding an A5 (the processor used in the iPad 2 and iPhone 4S) jailbreak for iOS 5.1, i0n1c has beaten him to the punch. While no details have been released on the exploit (or when it might become available to the public), the fact that a working exploit has been discovered is excellent news.
Next step? Jailbreaking the A5X processor in the new iPad! As iOn1c teases, “Anyway so maybe the iPad 3 will not be jailbroken tomorrow, but on Monday or whenever I get my iPad 3.” Here’s to hoping…

Update: As Twitter user @veeence notes, the iOS 5.1 jailbreak is software based, is likely untethered, and will probably also work for the new iPad as well:
@SebastienPage because a usrland jailbreak that does A5 on iOS 5.1, will 99.9% chance JB iOS5.1 A5X as well, since it’s only software based.
— veeence (@veeence) March 15, 2012
So, expect an iPad 3 jailbreak within a few days.
— veeence (@veeence) March 15, 2012
When will it be available for Normal people to use?????????
When we can use jb for iPad 2 5.1
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