You read it right! A couple days ago, the famous iPhone hacker MuscleNerd posted a video showing the iPad 2, on iOS 5, jailbroken! What does this mean for the upcoming jailbreak? Well, first off, the iPad 2 uses Apple’s new A5 processor. The iPhone 4S also uses this processor, which means that, if MuscleNerd and his friends at the iPhone Dev Team have found a jailbreak for the iPad 2 on iOS 5, it almost certainly means that they have a jailbreak for the iPhone 4S on iOS 5!

Remember, older devices can still be jailbroken with the limera1n exploit, but they are still tethered on iOS 5, at least for now. Limera1n is a very low-level exploit in the A4 processor (used by older devices) that was found by the famous iPhone hacker Geohot. Limera1n has every device before the iPhone 4S and iPad 2 jailbroken for life, meaning that you’ll be able to jailbreak your iPhone 4, or iPod Touch 4, or any device before that, for the rest of its lifetime, although it may be tethered.

Just remember, there is NO ETA on the untethered iOS 5 jailbreak, and it’s been stated by MuscleNerd that the one he demonstrated is still incredibly buggy, and may not be ready for several weeks. But it’s good to know that the iPhone Dev Team is working hard to jailbreak these newer devices for us!