FSM reported that Planetbeing got unsigned code running on the iPhone 4S and said that there is a lot of work still left to be done before a jailbreak for the iPhone 4S will be released. A little later the first video of a jailbroken iPhone 4S iOS 5.0.1 was found on YouTube which you can see after the break. It looks like a jailbreak for the A5 devices would not take to long anymore before it will be released to the public.

Source [FSM]