All you’ll need is an iPad running iOS 4.3 only or under (iOS 5 isn’t supported yet) and an Internet connection. No computer is required for this jailbreak.( apparently only works with wifi iPad only).
(Based on the video embedded below)
Step 1: Launch Mobile Safari and navigate over to the URL as shown in the video. Or from your iPad just click on this link HERE.
Step 2: Once you’ve done that, Safari should automatically close, that’s completely normal. You should now see a Cydia icon on your Home Screen, with a progress bar, much like any other official app while it’s downloading.
Step 3: Once the Cydia icon disappears, reboot your device. Once it powers back up, which could take a little bit longer than usual, your iPad 2 should be jailbroken.
Check out the following video for more information: