Just a while ago chronic dev team released a new version of Greenpois0n called Absinthe which will untethered Jailbreak iPhone 4S (running iOS 5.0 or 5.0.1) and iPad 2 running iOS 5.0.1. For now the guide only works for Mac but soon Windows version will release too. The steps to Jailbreak your device is simple and easy, full guide is posted below:
Before you proceed you need to read all the instructions about this Absinthe here.
How To: Jailbreak iPhone 4S and iPad 2 on iOS 5/5.0.1 Using Greenpois0n:
Step 2: Click on the Absinthe.app and launch the application.
Step 4: Once Restore complete you will see “Absinthe” icon on your homescreen, launch it which will load Greenpois0n site. The Greenpoison site will restart your device and will load up with Cydia replacing Absinthe icon on homescreen.
Video Guide Below: