Just now Corona untether jailbreak is updated to v.1.0-8 which includes iBooks image loading bugs fix for iPhone 4S running over iOS 5, whereas few hours ago Corona 1.0-7 was also released to resolve the same issue but that was still buggy.
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Saurik from Cydia has highly recommended Corona v.1.0-8 for users who have already jailbroken their iPhone 4S and iPad 2.
To install latest Corona visit Cydia on your jailbroken iDevice.