Further information has been provided by @pod2g in regards to the status of the iPhone 4S and iPad 2 iOS 5.0.1 untethered jailbreak. A few hours ago pod2g sent out the following on twitter:
I made a step today for the A5. With some luck we could expect a release in a week.
Yes, upgrade your 4S and iPad 2 to 5.0.1.
Under his advice, updating to iOS 5.0.1 will be safe in preparation for this jailbreak (however, if you require the ultrasn0w unlock–only update via custom firmware restores via redsn0w/PwnageTool). Exciting times indeed.
Pod2g previously solved the iOS 5.0.1 untethered jailbreak for A4 devices, and provided the info to the Chronic Dev Team and iPhone Dev Team to release so he could concentrate on the A5 untether. What emerged was updated jailbreak tools redsn0w and PwnageTool, and the Corona untether available via Cydia.
He also notes he has closed comments on his blog, as most were made by people who are downright crazy. Stay tuned for the iPhone 4S and iPad 2 jailbreak!