Comex has confirmed that there will be no iOS 5 iPad 2 jailbreak via the yet to be released JailbreakMe 3.0 jailbreaking solution of the iPad 2. JailbreakMe 3.0 will only jailbreak iPad 2 on iOS 4.2.1 to 4.3.3. Currently, only iOS 5 beta 1 has been released, however, further betas are expected in the coming months with a final iOS 5 release slated for Fall 2011.
Before this, Comex also confirmed that jailbreaking iPad 2 through JailbreakMe 3.0 will be really fast, technicalities of which have already been discussed in this post. Up till now, only Comex has been able to preview iPad 2 jailbreak, whereas the Chronic Dev Team and even Geohot is working on dumping the A5 bootrom. Comex has teased JailbreakMe 3.0 release for iPad 2 jailbreak, which shall be using a PDF based exploit.
You may wonder why is it hard to jailbreak iPad 2. Basically, the devices that are jailbreakable at the moment are vulnerable to the Limera1n exploit. The iPad 2 has upgraded hardware, the A5 processor to be exact, which is not vulnerable to the Limera1n bootrom based exploit. A bootrom based exploit is found in the hardware and can only be patched if the hardware is changed. So since the iPad 2 has different hardware, A5 rather than A4, which is found in previous iOS devices, it has not been jailbroken up till now.
Anyhow, Comex has tweeted that his JailbreakMe 3.0 won't jailbreak iOS 5 on iPad 2, rather only those iPad 2 that are running firmware versions between 4.2.1 till 4.3.3 will be able to be jailbroken using JailbreakMe 3.0. Comex has not given out any specific date for JailbreakMe 3.0 release. Since JailbreakMe 3.0 won't jailbreak iPad 2 iOS 5, we highly recommend that you downgrade iPad 2 to at least iOS 4.3.3.
Jailbreaking through JailbreakMe is really easy. Comex came up with this solution back when iOS 4.0 was launched. Users simply had to point mobile Safari on their iPhones, iPads and iPod touches that they wanted to jailbreak at www.jailbreakme.com and would simply slide a bar to jailbreak their device, similarly as they would slide a bar to unlock their iOS device. However, Apple patched this exploit in iOS 4.0.2 and jailbreakme.com has not been updated since then, until only recently when Comex updated it to tease JailbreakMe 3.0 for iPad 2 jailbreak.
Keep watching iPhoneism for all the latest updates and happenings related to iPad 2 jailbreak.