Good News! iPhone Dev-team has successfully jailbroke iPhone 4S as MuscleNerd just tweeted about the very preliminary iPhone 4S jailbreak on his Twitter account. He also posted two pictures that shows Cydia running on iPhone 4S on iOS 5.
VERY preliminary 4S JB:http://twitpic.com/76vcp4 http://twitpic.com/76vct2 (Huge missing pieces prevent public release. LOTS of work left)
Along with this good news, there is a bad news too. It is clear from the statement of MuscleNerd that there is still a lot of work left in the jailbreak for 4S that is preventing public release. But it is confirmed that the release of iPhone 4S jailbreak is imminent. Also jailbreaking iPhone 4S on iOS 5 means we have iPad 2 jailbreak as well because both iPad 2 and iPhone 4S has the same bootrom. But for all this, you have to wait as you did for iPad 2 jailbreak on 4.3.3.
Please don't fall for the scammers that tell you we can bring untethered jailbreak on iOS 5 . They all are scammers. Please stay away from them. When untethered jailbreak for iOS 5, iPhone 4S and iPad 2 becomes official, we will let you know.