http://www.techtree.com/India/News/Spirit_Jailbreak_for_iPad_iPhone_Released/551-110954-580.html

The iPhone Dev Team has released  the jailbreak for iPad (both Wi-Fi and 3G versions) as well as for new firmware on iPod Touch and iPhones. This first jailbreak for iPad and other iPhone OS devices is called Spirit. At the moment, this tool doesn't support carrier unlock.

The Spirit jailbreak is untethered for iPad, iPhone and iPod Touch with latest firmwares and works smoothly with most recent iTunes 9.1.1 update. Spirit jailbreak tool is available for both Mac and Windows platforms. On the latter, in case you get "c0000005" error, then use the tool in Windows 98 or 95 compatibility mode setting.

More details about the jailbreak can be found at its website - http://spiritjb.com.

Let's wait and see how fast Apple blocks the holes exploited in the Spirit Jailbreak too.