The Chronic Dev Team has just announced the release of Greenpois0n Absinthe to jailbreak your iPhone 4S and iPad 2 on iOS 5.0.1:
To jailbreak your iPhone 4S (running iOS 5.0 or either 4S version of 5.0.1**) and/or your iPad 2 (all Wi-Fi only, GSM & CDMA devices supported; must be running iOS 5.0.1**) – select one of the links below to download your Absinthe A5 untethered jailbreak. Simply unzip the file, then install on your iOS A5 mobile device with one click of a button! As always MacOSX version is being released first, and Windows and Linux versions will be released shortly after.
Mac OS X » GreenPois0n Absinthe v0.1.2-1
This is fantastic news. As always, back up your data and proceed with caution. This is an initial release that has been tested but you never know. Let us know how this jailbreak works for your A5 devices.
Update 1: @planetbeing tells us on twitter if you want to fix the “error establishing database connection” after launching the Absinthe web clip, you need to turn on the VPN.
Your device will reboot. Then, try the Absinthe web clip again.
Also, if your Camera Roll will be empty if it’s an incomplete jailbreak he says:
Camera roll will be empty if the jailbreak is incomplete. Rerun the app once to fix, and then another time to complete jb.
Update 2: An updated build of Absinthe has been released.