The great folks over at http://greenpois0n.com have done it again!  They have released an untethered jailbreak for the iPad, iPhone (yes even the iPhone 4s!), and iPod Touch!  I have and iPad 2 and an iPod Touch, so I was very excited to see that I can have my devices on the latest software and be able to install just about any app I want (used mostly for development purposes).  Here's how to jailbreak your iPad 2 and iPhone 4s in 7 easy steps!
Note:  As always I am not to be held responsible for any damage or wasted time that may occur from attempting this jailbreak.

Step 1.  Head over to http://greenpois0n.com and click the link to the right to download Absinthe v0.2 for either mac or win (depending on your computer's operating system).
Step 2. Extract the downloaded files to your desktop and click to open Absinthe.
Step 3. If you haven't already, plug in your iPad 2 or iPhone 4s.
Step 4. Once your device is plugged in, click the jailbreak button.
Step 5.  Be patient and wait for the process to finish.  It took me 3-5 minutes on 2 different iPads.
Step 6.  When the software tells you to unlock your device, just do it.
Step 7. On your home screen you should see an Absinthe app button.  Launch the app to install Cydia.  Once it is installed the Absinthe app will be replaced with Cydia, and you will be all set to go!

See, wasn't that easy?  You can can contact me if you have questions, but I would suggest to either google them or email the development team in charge of the jailbreak over at http://www.greenpois0n.com.