MuscleNerd has announced that they have an iPhone 4S unlock in the making. “Crazy Thanksgiving weekend! Very promising 4S unlock (http://twitpic.com/7kku4t) is in the works (Not i4, just 4S..that is crazy part)“.
An untethered jailbreak has not been released yet, which is necessary for the Unlock. So lets hope a Untethered Jailbreak will be released soon.