Not long after the iPad 2 was officially announced, iDevice hacker Joshua Hill aka p0sixninja of the Chronic Dev Team tweeted about the new device and the Shatter exploit, which the team had discovered back in October.
He said the following in his tweet:
"We're crossing our fingers and hoping that at least SHAtter is still in iPad2."
Basically, Shatter used a vulnerability in Apple's A4 chip that made it possible to easily jailbreak all iOS devices at the time. You can read a bit more about Shatter here.
They never quite got to use it, but they are hoping that the exploit will work with the A5-powered, iOS 4.3-equipped iPad 2.
So they shared the exploit with famed iPhone, PlayStation 3 hacker and lawsuit target Geohot, and things got ugly for a while. Geohot was under some kind of an agreement to wait until the Chronic Dev Team had released their jailbreak, but he apparently said "Screw that" and went ahead to release his jailbreak before the Chronic Dev Team was able to release using his own exploit.
Then there was a geektastic rap beef between the two parties, and Geohot said he did it so that the Chronic Dev Team can improve Shatter.
Now it seems that the Chronic Dev Team may get their chance to use Shatter again. Geohot is busy with Sony and all that right now, so maybe this time the Chronic Dev Team will get it first.