Well, that was fast. A well-known iPhone jailbreaker MuscleNerd claims he managed to obtain root access on the iPad, and he backs it up with a video of how it's done.

To do this, he has used a port of Comex's "Spirit" jailbreak, which works on both iPhone OS 3.1.3 and the iPad's 3.2.

This is just a demonstration; there's nothing for you to download just yet. But if you doubted that iPad will ever be jailbroken, this should set your mind at ease.