I this once the right people get there hands on one they will release an untethered JB very soon i hope.
Currently the Dev-Team have a Tethered Jailbreak solution for the iOS5Beta version. So the answer to your question is, YES. You will be able to jailbreak your iPhone4S.
That is not correct. The only reason there is a tethered jailbreak available for iOS5 beta is because all current iDevices have a bootrom exploit which means they have a tethered jailbreak for life(Apple can't patch a bootrom exploit using a software update). The iPhone 4S will not have this same bootrom exploit so redsn0w will not work on iOS5 on the 4S even as a tethered jailbreak(This is why you can't do a tethered jailbreak on the iPad2 4.3.5). You will have to wait until a userland jailbreak is developed.
well its kinda obvious that the jailbreak is not going to be out right away. at least wait until it comes out and then ask the question. like stated before, once the right people get their hands on it. it will be jailbroken.
ok i understand that. but with the iphone 4s coming out there will more exploration of the device and the bootrom. theres always a point in time where people say it cant be jailbroken and then bam. it gets jailbroken.