Wouldn’t you know that two days after my iPad 2 finally arrived — nearly a month after it was ordered — the ship times on Apple’s (AAPL) online store tightened to 1-2 weeks, both in the U.S. and abroad.

Within hours of the product’s launch, customers who bought their iPad 2s online had to wait 4-5 weeks.

Whether the improvements are due to improved supply or slackening demand is a matter of speculation. But given that there are still lines every morning in front of New York City’s Apple Stores, the former seems a lot more likely.

Thanks to several readers for the tip.

Also on Fortune.com:

• About those 19 million iPads
• Apple earnings: 5 numbers to watch
• Apple Q2 2011 earnings preview

[Follow Philip Elmer-DeWitt on Twitter @philiped]