Today the mastermind behind the IOS 5.x.x jailbreak, @pod2g has tweeted that "'he' made a step today for A5. With some luck we could expect a release in a week."
We know @pod2g has been working hard along with the dev team to get the jailbreaks out as soon as possible. If @pod2g releases a jailbreak for the iPad 2 and the iPhone 4S, in a week, it would be a long awaited accomplishment for those with A5 devices.
@pod2g has asked all iPad 2 and iPhone 4S users who seek a jailbreak to update their devices to 5.0.1 while they still have the chance and before Apple releases another update.
Notice, these news come after @pod2g and the dev team released a jailbreak for 5.0.1 on A4 devices, which makes it very possible that the jailbreak for A5 will only be for 5.0.1(Perhaps because it is easier to update then to work on 5.0 untethered) So now that you've been warned, GO UPDATE!!!!