Update 1: iOS 5 Final version has been released for Download and Jailbreak - Click Here
Here's a bit of bad news for those who love iOS 5 on iPad 2. Comex has confirmed via Twitter that JailbreakMe 3.0 will not jailbreak iOS 5 on iPad 2, rather it will only jailbreak iOS 4.2.1 till 4.3.3 on iPad 2.
Previously, we have reported that Comex has been working on making the iPad 2 jailbreak process faster through JailbreakMe 3.0. This new procedure will drastically reduce the time it takes for the jailbreak. Reportedly, JailbreakMe 3.0 will also work on iPhone 3GS, iPhone 4, iPod touch 3G, 4G, iPad 1 and of course, the iPad 2.
Comex tweeted in reply to a question that JailbreakMe 3.0 will not be jailbreaking iOS 5, which is in beta 1 right now, on iPad 2. So those who are willing to jailbreak iPad 2 and have upgraded to iOS 5 beta 1, it is recommended that you downgrade iPad 2 to iOS 4.3.3, in order to be able to run Cydia on iPad 2.
Right now, iOS 5 beta 1 can be jailbroken on iPhone 3GS, iPhone 4, iPad 1 and iPod touch 3G, 4G and you can follow our guide posted here to do that.
We'll be sure to let you know as soon as JailbreakMe 3.0 goes live. Keep checking back!