Jailbreaking an iPad 2 with iOS 5
Currently, the answer is no. It is fairly widely known that the A5 is a fairly difficult nut to crack.

References:


The Dev Team Pwnage tool info



  The 4.3.1 untether works on all devices that actually support 4.3.1
  except for the iPad2:
  
  
  iPhone3GS
  iPhone4 (GSM)
  iPod touch 3G
  iPod touch 4G
  iPad1
  AppleTV 2G (PwnageTool only for now)
  



Cult of Mac Post On iOS 5 Jailbreaks



  As for the iPhone 4S and iPad 2, both devices run Apple’s new A5
  processor, which is proving to be an absolute bitch to jailbreak. Only
  the iPad 2 can be jailbroken under iOS 4.3.3 using the userland
  JailBreakMe v3 exploit. If the iPad 2 is any example to go by, don’t
  expect the iPhone 4S to be jailbroken any time soon.