Will Muschamp is getting the hang of this Twitter thing, it looks like:
After meeting with Janoris Jenkins today, we both felt it was in his best interest to move ahead to the next stage of his career.less than a minute ago via ÜberSocial 
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Will Muschamp
CoachWMuschamp
The official story from the UF Ministry of Information doesn't give any more real details, but basically it sounds like either A) Jenkins was kicked off the team, or B) his impending punishment was so bad that he decided he didn't want to go through with it. Almost every report coming out is saying he's been dismissed though.
The wording "move ahead to the next stage of his career" sounds to me like Jenkins will be entering the NFL's supplemental draft, but he also has the option of transferring to a I-AA team if he really feels like playing college football this fall. The catch with the supplemental draft is that Jenkins must either be ineligible or graduated in order enter it, and as far as the former goes, simply being off the team may or may not count. Given that he would have been a first day pick in this year's draft had he entered it, transferring to another I-A school and playing in 2012 is not a realistic option.
For now Muschamp seems to be getting praise for how he's handling his first real discipline issue, especially in comparison to Urban Meyer's record. It's worth noting though that this was Jenkins' third arrest in the last two years, and nearly all of the arrests in Meyer's six years were first-time offenders. Chuck Oliver is reporting that Muschamp held a team meeting this morning to tell them about this, and oh to be a fly on the wall in that one.
Jenkins was a freshman All-American in 2008 and first-team All-SEC last year.