If you have an iPhone 4S and are wondering when, exactly a Jailbreak may be released -- we don't know. But, what we do know is that the iPhone Dev Team is working on it, and they now have a very preliminary iPhone 4S jailbreak up and running as shown off by MuscleNerd.
As noted, there is still a lot of work left to be done before public release and like always, no ETA was given. You can jump past the break to catch one more glimpse of the code in action. Not that you need any more proof but hey -- its been provided.