The Chronic-Dev Team has released "Absinthe" which so far is the easiest jailbreaking software I've come across. I did 3 jailbreaks yesterday on the 4S, IOS 5.0.1 in under 10 minutes (not that I was timing it, it's just a snap). I also did a 4, IOS 5 using RedSn0w and the main difference is with Absinthe you don't have to put your phone into DFU mode and you don't need itunes up, it does it all. Once it's done running you'll have an app on your phone named 'absinthe'. just tap it to finish the jailbreak. Viola! Absinthe is out for Mac and Windows with a Linux version on the way.
I'll stick with my rooted Samsung Epic 4G with CyanogenMod 7 ROM though