It appears that iPhone Dev team has posted the couple of evidence regarding the iPhone 4S and iPad 2 jailbreaks on iOS 5. Earlier today they have published few screenshots of iPhone 4S running Cydia and noted that the jailbreak is in very preliminary stage, MuscleNerd of the iPhone Dev Team noted that jailbreak still requires a lot of work.
After publishing the pictures of iPhone 4S running a Cydia on iOS 5, it is reported that iPhone Dev Team also uploaded a video to their Youtube channel, demoing the iPad 2 running a Cydia on iOS 5. Similarly, to the iPhone 4S, the team also mentioned in the description that iPad 2 jailbreaks on iOS 5 is also in the preliminary stage and requires a lot of work to be done.

Currently, the iPad 2 can be only jailbreak through using the Web based jailbreak named JailbreakMe 3.0 by Comex. However, the iPad 2 jailbreak do not support the new iOS 5 firmware, and requires a complete new jailbreak for the new version.