The iPhone 4S and iPad 2 Jailbreak came out this week thanks to the Chronic Dev Team. Below i'll walk you through step by step on how to Jailbreak your iPhone 4S!
Step 1: Backup your iPhone to your Computer. (iCloud for me is iffy, and I wanted a solid backup.)
Step 2: If you have a Passcode lock, turn it off. This hinders Absinthe from Jailbreaking.
Step 3: Download Absinthe. The latest version can be found here - greenpois0n.com
Step 4: Unzip and Open Absinthe.
Step 5: Plug in your iPhone, make sure it is recognized and press Jailbreak! (Don't touch anything on your phone till it says to in the next step.)
Step 6: Once the app is done exploiting your iPhone to get onto it you need to click the app which has now made it onto your iPhone. It will run a couple more exploits and install Cydia.
Step 7: Open Cydia. Cydia will do its thing, your iPhone will reboot.
Step 8: Enjoy access to all the Jailbroken iPhone apps your heart desires!
Step 9: (Optional) Donate to the Dev Team
Hope this helped you out!