How to Jailbreak iPhone 4S and iPad 2 on iOS 5.0 – 5.0.1 by Absinthe Jailbreak for Mac, and it is UnTethered Jailbreak for both iPhone 4S and iPad 2.
If you are a Windows user follow Absinthe Jailbreak Windows Guide.
Before you continue make sure to do a backup of your device in iTunes as you may lose your Camera Roll during this process.
Download the latest version of Absinthe from here.
As prompted, connect your iPhone 4S to the computer via USB. Make sure to remove any passcodes or VPN settings you’ve previously set.
The application will take you through several steps of the jailbreak: Sending initial data, waiting for reboot, waiting for device to finish booting, Preparing jailbreak data, and Sending payload data.
You will be informed that the jailbreak is ‘Almost done’.
You will get a configuration error; however, after about a minute your device will reboot with Cydia on the Springboard!