Thanks to comex and the iPhone Dev Team. They have released a jailbreak for the iPad called Spirit. Spirit will also work for the iPhone and iPod Touch. Spirit is not a carrier unlock.
I still recommend blackra1n and blacksn0w if you need to jailbreak and unlock your iPhone.
Spirit works great and it extremely simple. It took me about 5 minutes to complete the jailbreak. You can download spirit here to your Mac or PC. If you are using a PC you will need to right click on the file, click properties, under compatibly select windows 98 or 95(unless you are running 98 or 95) then run the program. Your iPad will reboot and Cydia should now be on your iPad.
For those of you who are unfamiliar with Cydia, it is similar to the Apple App store only Apple has not approved the apps.
Here is the problem, right now I don’t see much need to jailbreak the iPad. There are not many apps in the Cydia store optimized for the iPad.
That is likely to change over time but it will take some time.
Right now it makes sense to wait until after the 4.0 OS upgrade to jailbreak the iPad. Whenever there is an OS upgrade it requires a new jailbreak and by then there should be more apps for the iPad in the Cydia store. It is easy enough to try but right now the best apps are in the Apple app store.