For some of us it took a while but the wait is over here. Thanks to pod2g, Chronic Dev-Team and other important contributors for the release of Absinthe for Mac. This tool allows you to Jailbreak your A5-based processor device such as iPhone 4S and iPad 2. Check it out now!
1) Plug your device into your Mac, you must be on iOS 5.0/5.0.1.
2) Download Absinthe from this link, and open it.
3) Backup your device content. We don't expect any issues, but we must be sure before proceeding.
4) Wait for the process to finish, this is going to take a few minutes. Just be patient (do not cancel!). UPDATE: Your device will reboot a few times. Wait for Absinthe progress bar to be completed.
5) The Absinthe logo should be added to your device home screen. Do not unplug your device yet. Open it and install Cydia. If you get an error message, it could be due to the huge demand. Be patient and try again later.
IMPORTANT UPDATE: If by opening the Absinthe icon on your iPhone nothing happens, go to Settings > General > Network > VPN and turn it ON. An error message will come up, click OK. Then click on the VPN Setting Listed as "Jailbreak" and your device will reboot. Wait for the device to reboot and Cydia should be added to your Springboard.
ANOTHER UPDATE: My camera roll pictures disappeared. If that happens to you, plug your device back in. In fact, do not unplug your device during the whole process.
Finally, your device should be jailbroken. Now enjoy! If you would like to donate, feel free to donate to pod2g who has been working hard to get things going.