It appears that the Dev-Team was first to announce a hack of iOS 5.1 running on the iPad. According to a blog post, a previously published jailbreak of the iPad 2 running iOS 5.1 apparently works on the new iPad as well.
Besides the Dev-Team announcement there have been at least two other jailbreaks that were announced by Stefan Esser as well as Grant Paul and Paul Grifin. The hackers noted that there may be more news coming about a new jailbreak as the iPad 2 hack works for the latest iPad as well and serves its purpose for now. Those who decide to jailbreak their iPads should remember not to update their iOS version past the one that shipped with the device, the blog post states.
Stefan Esser's hack was described as an untethered jailbreak that booted without a required connection to a Mac or PC.