Pod2g mentioned that it is still too early to know for sure, but he will try the jailbreak after all the older devices are ready. He explained that the reason he hasn’t tried it on iPad 2 or iPhone 4S is because he doesn’t own the devices.
It`s true that MuscleNerd, developer and member of Dev Team, already managed to jailbreak iPhone 4S and iPad 2 on iOS5. However, as you know, the problem remains that it cant be made public because it is using Apple`s code.