JailbreakME.com has taken advantage of an exploit in mobile safari to execute code on your iPhone, iPad or iPod Touch to jailbreak it and install Cydia. It is very simple, just go to JailbreakME.com and select the "free" button like you are installing the Cydia app. Nothing further is required by the user, JailbreakMe takes advantage of a PDF exploit to jailbreak your iPad 2 and load Cydia on it. Once the progress bar is complete, it is finished.
This jailbreak doesn't require a computer connection and is untethered, there is no need to connect your iPad 2 to a computer each reboot. It is quite likely that Apple will release iOS 4.3.4 to mitigate this exploit in mobile Safari, make sure you don't update past iOS 4.3.3 on your iPad or other iDevice...and enjoy. Support for iOS 4.3.1, 4.3.2 and 4.2.1 will be added later. iOS 5 betas are not supported.