The porting of CyanogenMod 9 Ice cream sandwich ROM for Samsung Galaxy SII is under progress and the current status of the ROM is as follows:

Working:

Display
Touchscreen
RIL
Audio
Wifi
GPS
Sensors
SD Cards
Bluetooth
Phone ending
Rotation
transparency fixed courtesy of Team Hacksung
HWcomposer is working now(this is what it does.For using the GPU to render the UI.)
Soft keys have now gone ala Nexus style

Not Working:

Camera
Video Recording
Video Codecs
Call Mic so far not working during calls