Tethering allows devices such as PCs and Laptops to connect to the internet if you are somewhere without a Wi-Fi Hotspot or Internet at home. You cannot tether a Wi-Fi Only iPad to an iPhone. But you could tether and iPad 3G to a computer, if the OS will allow for it. Sorry to burst anyone's virtual bubble.
But you want a work around? Follow these steps...once tethering is available and it just might work.
1. Tether your iPhone to your laptop/computer.
2. Enable your Wireless card in Ad-Hoc Mode.
3. Enable the ability for connection sharing.
4. Connect your Wi-Fi iPad to your Wireless Ad-Hoc Network.
Note: I cannot test those steps as I do not have an iPad or any other device that has a Wi-Fi card to test my theory.
Or you could jailbreak your phone and get MyWi. Turn on it's wifi internet tethering to turn your iPhone into a wifi hotspot, and directly connect your iPad to that today. No waiting and guessing if a hack involving a laptop might work some number of months from now.