GreenPois0n says the jailbreak "is again one of the most easiest jailbreaks to use (so easy you grandma could do it)," and it really is. You'll want to backup your device first, then open Absinthe while your iOS gadget is still connected to your PC via USB and click 'Jailbreak'. After it's finished, just go back into iTunes and restore from your backup.
It's not that easy. I just JBed my 'new' iPad and did an iCloud restore that took hours. Then I found out that Cydia crashes when I try to start it, and apparently I'm not the only one with this problem. Other people have reported the same problem on various websites.
I was at first surprised that no one had commented on this, but then I realized that everyone was busy jailbreaking their iDevice. That was the first thing I did when I got home. I'm so excited to have finally been able to jailbreak my device, its Awesome!!
Worked fine for me on my iPhone 4S earlier today. Took just a few minutes, and then a few more to restore all my apps.