For a while now, we’ve been updating you on @pod2g’s progress in developing a jailbreak solution for iOS 5.1, which supports both the iPhone 4S and the new iPad (along with Apple’s other iOS devices). Now, it looks like the jailbreak mastermind is closer than ever: in a new video that recently hit the Web, @pod2g shows off his newly jailbroken (untethered) third-generation iPad. Hopefully, this means a public jailbreak tool should be available in the very near future.

Here’s the video:

As iDownloadBlog notes, according to @pod2g, if this jailbreak is compatible with the new iPad and the iPhone 4, it should also work with Apple’s iPhone 4S, too. It certainly looks like we’re very close to seeing the release of a jailbreak tool that can untether our A5X iOS devices under iOS 5.1. Hope you’re as excited as we are!

We’ll keep you posted.