The guy behind the Spirit untethered jailbreak tool for the iPhone, iPad and iPod touch has managed to run Flash content on the iPad. It uses a port of Adobe Flash runtime for the Anroid using a compatibility layer.
Frash is a port of the Adobe Flash runtime for Android to the iPhone, using a compatibility layer, by comex ( http://twitter.com/comex ). Frash can currently run most Flash programs natively in the MobileSafari browser. Frash currently only runs on the iPad, but support for other devices (3GS+ only due to technical restrictions) is planned, as well as support for iOS 4