Here's how to do it:
STEP 1: Update your iPad 2 to iOS 4.3.3 using iOS firmware files here.
STEP 2: Now head over www.JailbreakMe.com from your iPad 2.
STEP 3: Tap on the "Free" icon then on "Install"
STEP 4: Cydia will be automatically installed on your iPad 2.
Here's a small video from guys over iDB shows you JailbreakMe 3.0 in action: