This jailbreak is a userland exploit which works similar to the jailbreakme.com method from the early jailbreaking days. It will be patched eventually so a release date is still being decided on.
Take a look at comex video below. It's titled 'spirit' but it's unclear if this will be the name of the jailbreak.
A jailbreak video. Thanks to posixninja for recording it, and chpwn for all his help. This too ought to work on the iPad...
You can also have a look at GeoHot's video demonstrating his untethered jailbreak here