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Hackers are claiming that they have discovered an iPad jailbreak less than a day after the device hit stores. A video showing a jailbroken iPad being accessed via command line was posted by Musclenerd who is a well known member of the iPhone Dev-Team.
The video demonstrates the Spirit jailbreak by @comex. Allegedly this jailbreak exploits a bug that is found in iPhone OS 3.1.3 and iPhone OS 3.2 on the iPad.
There currently are no utilities offered that take advantage of these vulnerabilities.