The good news is iPhone hacker pod2g is still working on his promised untethered iPhone 4S jailbreak. The bad news is he's having "processor cache" issues. Pod2g wrote on his blog:
"Here is the news of the 4S week-end.The untether fails right now because I'm having processor cache issues. I'm close, but I can't figure out what happens. It certainly has something to do with the Cortex-A9 cache management.I could sort it out quick, it's a matter of chance."
Pod2g excited the jailbreaking community when he successfully tested an untethered jailbreak on an iPod 4G and iPhone 4 running iOS 5.0.1 a few weeks ago. Currently their is no jailbreak for the iPhone 4S, but recent progress by pod2g and the Chronic Dev Team point to one being released soon. Pod2g promised another update on his progress tomorrow.
The iPhone Dev team also released Redsn0w 0.9.9b9b with native support for iOS 5.0.1 on Monday. Unlike the holy grail of jailbreaking that pod2g is working on, this is a tethered jailbreak that doesn't support the iPhone 4S or iPad 2... But it's the best thing the jailbreaking community has to offer as of today. We will keep you updated as we learn more.