Can I jailbreak iPhone 4S untethered?

UPDATE: The iPhone 4S can now be jailbroken untethered. See these instructions on how to jailbreak your iPhone 4S with Absinthe.

Although the iPhone 4 and iPhone 3GS running iOS 5.0.1 have been jailbroken untethered, the exploits used currently only work on devices with Apple A4 hardware.

Since the iPhone 4S and iPad 2 feature the newer A5 system-on-a-chip, further exploits must be found to bring the untethered jailbreak to these devices. Developers are working on an iPhone 4S solution but the software is not ready for prime time.