Been waiting for this one for awhile. Awesome job from the dev-team on releasing a jailbreak for the iPhone 4S and iPad2. Real easy:
First thing, make sure you are on 5.0.1
Unzip. On OSX Lion I had a “Absinthe quit unexpectedly”. If you run into this, open up a terminal and cd into the root directory of the directory that has Absinthe.app. Do not go into the directory and type:
It will restart a few times, you probably should remove your passcode lock as it can hose the install process. Once it reboots, go to your home screen on the iPhone and look for the Absinthe icon. Click on that (may need to wait a couple minutes for 3G to connect) and it’ll reboot. You should now have Cydia in place.