The folks at the iPhone Dev Team are working on a way to jailbreak the iOS 5 on the iPhone 4S and iPad 2. Right now there’s a tethered jailbreak available for iOS 5 on the original iPad or most older iPhone models, but nothing for Apple’s two newest devices.
Unfortunately the tools for jailbreaking the iPhone 4S and iPad 2 aren’t ready for the public yet — and there’s no estimated release date yet. It sounds like it could be a while… MuscleNerd says there are “huge missing pieces” and “LOTS of work left.”
Still, it looks like there’s hope for anyone looking to jailbreak these devices. Jailbreaking allows you to install apps that aren’t available in the official app store and make system-level changes to your device, allowing you to do things like view an alternate boot logo, change the way notifications work, or even unlock a phone so it can be used with a different wireless carrier.