It appears that the iPad is indeed jail-breakable! Less than a day after the device shipped MuscleNerd (@MuscleNerd) posted images and a video showing that he had gained root level access to the iPad.
The group behind this hack had this to say :
About the release we are still doubtful for an imminent release. [The] Dev Team may wait for iPad 3G or OS 3.2 for iPhone so majority of iPhone/iPod/iPad users can enjoy jailbreaking their respective iDevices. MuscleNerd also posted a video, where he is playing with the iPad from his Mac terminal. Yes guys yes itÕs jailbreak, now itÕs interesting to see Sauriks Cydia integration to iPad.
Jailbreaks like this rely on finding holes in Apple’s OS and firmware. Holes which are becoming fewer and fewer. Apple also plug them fairly quickly once they become public. So it’s quite likely this particular hack may not be made generally available until Apple produce a more significant update for all “iDevice” OS.