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.
See also:
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