Many iPad 2 owners have waited almost a full year for this moment, and it has finally come. Both the iPad 2 and iPhone 4S now have their own bona fide jailbreak tool in Absinthe A5. To be clear, Absinthe A5 is an untethered jailbreak method - this is the one you want, otherwise you have to have your iOS device connected to your Mac or PC with a cable whenever it boots up. This has no such requirement.
iOS hacker p0sixninja says that the jailbreak software works for A5 devices that are running iOS 5.0 and iOS 5.0.1. If you've updated to the iOS 5.1 beta, then you're out of luck if you wanna jailbreak. Your best bet might be to downgrade. To get started, you'll need to download the latest version of greenpois0n, and it currently only works on a Mac (Windows is "coming soon".) The specific builds that are supported are iPhone 4S with iOS 5.0 build 9A334 and iOS 5.0.1 builds 9A405 and 9A406, as well as iPad 2 running iOS 5.0.1 build 9A405.
JailbreakMe is back with version 3.0, and if you've been wanting to jailbreak your iPad 2, now's your chance. If you're unfamiliar, JailbreakMe is a super-easy way of jailbreaking your iOS devices. All you need to do is head to jailbreakme.com and follow the simple instructions, and a minute later you'll be able to customize, theme, tweak, and install any iOS software that you please. The only trick here is that you can't be running the iOS 5 beta. Other than that, you're clear to go ahead and make it happen.