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Got an update for ya!

The iPad 2 5.0.1 untethered jailbreak is currently being worked on by @pod2g

there is no untethered jb for 4.3.5, there is only tethered (tethered = you have to boot with redsn0w to use cydia apps)

I dont think it will be too long before the iPad 2 5.0.1 untethered is out

for all iPod touch and Iphone users...the 5.0.1 untethered jailbreak has been out for a few weeks but it does not work for the 4S

@pod2g said that the exploit he was using to jailbreak the 4s and iPad 2 required him to have an apple developer account, therefore the it would be illegal for him to distribute it. So he has to find a completely different way to make it work.

So it could be a while before it's released. But it's for sure going to happen.