So apparently the Jailbreak for iPad 2 is out.. but it only works on iPads with iOS 4.3.3 so if you are on this version then you are in luck.
Below is a video tutorial of how to jailbreak the iPad.
If you are not on 4.3.3, then this is how u install iOS 4.3.3 before you can jailbreak.
Create a Pwnage folder on your desktop and place the iOS 4.3.3 ipsw in it.
You can download the ipsw for your device from here:
4.3.3 (iPad 1): iPad1,1_4.3.3_8J3_Restore.ipsw
4.3.3 (iPad 2 Wi-Fi): iPad2,1_4.3.3_8J2_Restore.ipsw
4.3.3 (iPad 2 GSM): iPad2,2_4.3.3_8J2_Restore.ipsw
4.3.3 (iPad 2 CDMA): iPad2,3_4.3.3_8J2_Restore.ipsw
Connect your iPad to the computer and launch iTunes.
Select your iPad from the list of devices on the left
Hold down the Option (Mac) or Shift (Windows) key and click the Restore button.
Select the iOS 4.3.3 ipsw from the Pwnage folder on your desktop and click Open.
Once your iPad is running iOS 4.3.3, press to launch Safari from your desktop.
Navigate to http://www.jailbreakme.com and press the Free button.
Press the Install button.
Safari will now close and Cydia will download and install.
Press to launch Cydia and enjoy your jailbroken iPad!