There is no reason not to discuss jail breaking an iPad at this forum. Jail breaking is a legal process that many people do quickly and easily with the newest jail break tool, Absinthe 2.0. Heck, we have an entire sub-forum dedicated to jailbreaking and it contains many tips, tutorials, reviews, etc. on jail breaking.
To answer the original question, yes, there is a jail break available for the the new[est] iPad. See this thread here for instructions on how to jailbreak the iPad3:
TUTORIAL - Jailbreak the iPad2 and iPad3 on 5.1.1 With Absinthe 2.0. Do note that the Absinthe tool can be used to jail break any iPad running iOS 5.1.1.
Oh, and one last thing about jail breaking and this forum. While we support, aid and assist those who jailbreak, what we DON'T do is support those who use the jail break in ways that help them steal apps and tweaks. That's called piracy and that is what is not tolerated here.
Hope this clarifies.
Marilyn