GreenPois0n Absinthe untethered jailbreak tool for iPhone 4S and iPad 2 got an update to v0.1.2-2 which includes fix for the database connection issues found in its initial release. You can grab the latest Absinthe through link after the break.
How to Do Untethered Jailbreak iPhone 4S over iOS 5.0.1 with Absinthe
How to Do Untethered Jailbreak iPad 2 over iOS 5.0.1 with Absinthe
Command Line Interface for Corona A5 Jailbreak Released
Download Absinthe v0.1.2-2