You might be waiting for your new iPad (I am getting sick of this name) or waiting in line for one but the strange news is that it has been jailbroken already!
Here is the video of the jailbroken iPad.
But even stranger is the fact that the uploader claims that it was jailbroken on the day of the release itself! However, the jailbreak is not yet publicly available. As for jailbreak of iOS 5.1 on other devices you can jailbreak through RedSn0w 0.9.10b6 or Sn0wbreeze 2.9.2. Tutorials for the jailbreak are available at Redmond Pie.