Redsn0w 0.9.9b1 will not jailbreak the iPad 2, but will work for every other supported Apple device. The iPad 2 can be jailbroken on iOS 4.3.3 using JailbreakMe 3.0, over 2 million served at last count!
Step 1: Download Redsnow 0.9.9b1 for Windows (here) or Mac (here)
Step 2: After you've completed the download, run redsn0w 0.9.9b1 by double clicking the redsn0w.exe file in the RedSn0w folder.
Step 3: Click the 'jailbreak' button and install Cydia on your iPad. For iOS 5 Beta: Choose 'Select IPSW' to jailbreak iOS 5 beta firmware
Step 4: Ensure your device is off and plugged in, follow the steps to put your iPad into DFU mode in redsn0w.
Step 5: While in DFU mode, redsn0w 0.9.9b1 will begin to jailbreak your iPad. It is best to not interrupt it or use your computer during the jailbreak.
For firmwares above iOS 4.3.3, you will need to use the "just boot" button to jailbreak your iPad each time it loses power....sorry to say, everytime. But at least you are jailbroken.