Musclenerd has confirmed the Ipad2 and Iphone 4S have the same bootrom
What does this mean?
Well, this means that if someone has already jailbroken the iPad 2 then they’ll be able to jailbreak the iPhone 4S in the same way. MuscleNerd said that it’d at least be a starting point for jailbreaking the iPhone 4S.
Looks like at least a tethered jailbreak will be soon. I'm searching the net everyday a few times waiting for the time to come.
He also said not to count out Geohot.