Its been a long wait, but you can now perform an untethered jailbreak for your iPhone 4S or iPad 2 running iOS 5.0 or 5.0.1 using Greenpois0n Absinthe (currently only available when using a Mac).
Click Here for the how-to.
Source: iMore
Untethered Jailbreak iPhone 4S and iPad 2 via Greenpois0n Absinthe