Wow! that was quick! MuscleNerd of iPhone Dev Team has just posted a tweet which confirms that iPad has been jailbroken in less than 24 hours of release. This according to him has been achieved through a cross-team effort with Chronic Dev Team, comex and chpwn.
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initial porting of "Spirit" jailbreak by @comex to iPad
Well that was fun Now the cross-team effort with @chronicdevteam, @comex, @chpwn and others to get *everything* working
While no ETA was given for “Spirit” release, we can expect this to be out when iPad 3G, or the new firmware update for iPhone is released. This makes sense because Apple might patch it via a new firmware update which is due soon.