Let the warranty voids begin !!
The much anticipated untethered Absinthe jailbreak for the A5 powered iPhone 4S is now a reality.
Get the jailbreak, and additional information here.
As always, proceed at your own risk. Let us know if you successfully jailbreak your device.
Update: I forgot to mention that this jailbreak is only for Mac environments (sorry Windows users). Also, if the link above is unresponsive try the mirror link here.