The untethered jailbreak has officially been named Absinthe, after the distilled yet highly alcoholic French spirit derived from botanicals and culinary herbs. The announcement was made earlier this morning on the Chronic Dev-Team blog. Unfortunately, the developers decided that Absinthe would be a Mac-only release on launch. However, the Windows (and possibly Linux) releases are expected to follow very shortly.
The iPhone 4S / iPad 2 untethered jailbreak is incredibly simple to use and literally just requires one-click to ease the minds of concerned novices who eagerly want to unlock the full capacity of their Fisher Price toys. Nevertheless, we can assure all the iPad 2 and iPhone 4S functionality enthusiasts of the world that this untethered jailbreak will finally make your devices worth the $500 to $900 that they retail for (because without the limitless jailbreak functionality, they aren't even worth a smidgen of that price).
Absinthe for Mac can be downloaded here.