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Just after few minutes of confirmation of iPhone 4S JailBreak, MuscleNerd has demonstrated through a video that iPad 2 can be JailBroken on iOS 5. Previously, it was possible only through JailBreakMe.com which is a userland based exploit and works only on iOS 4.3.3. It seems that DevTeam has found a bootrom exploit for A5 (dual core) devices.
Anyways, this is just a blind guess. There are still no words from the official sources about the type of exploit used. But it has been notified that there is a lot of pending work required to make it stable. Through the video, you can conclude that iPad 2 has iOS 5 installed with a Cydia application and appears to be working absolutely fine. Of course, there could be some some issues about which we are not aware of yet.
But one thing can’t be neglected that we are not away from the day when all of our iDevices would have an untethered JailBreak on iOS 5. Do you still doubt it? Let’s know in the comment section.