Absinthe A5, that is the name chosen by Chronic Dev team for the most awaited jailbreak, which support A5 processors aka iPhone 4S and iPad 2. Chronic Dev Team released a Mac OS X version only, unfortunately Windows version is not yet available.
Absinthe for Mac OS X only works with iPhone 4S only if you already have installed iOS 5.0/5.0.1 and for iPad 2 you must have iOS 5.0.1 installed. If you need to jailbreak the iPhone 4S then you update to iOS 5.0.1 right now because they might run out of opportunity to unlock the future.
You can download Absinthe for Mac OS X here .