MuscleNerd has big shoes to fill with the recent exit of comex (Nicholas Allegra) of the iPhone Dev-Team, but he has confirmed that the latest developer version for redsn0w can jailbreak the iPad on iOS 5 Beta 7. Currently, the iPad 2 can only be jailbroken using the web-based JailbreakMe created by comex. This jailbreak method was patched by Apple in version iOS 4.3.4 on the iPad 2.
Hopefully, the iPad 2 (and iPhone 5) will promptly be jailbroken for iOS 5. Maybe the iPhone Dev team has kept an exploit of the A5 powered iPad 2 quiet since the iPhone 5 is expected to run the same processor. I'm looking forward to trying out the complete version of iOS 5, but will definitely backup my SHSH blobs to return to my jailbroken iPad 2 and iPhone.