Developer WugFresh from GalaxyNexusForum.com has created a Root Toolkit for the Galaxy Nexus that gives you two different functions. “Unlock + Root” unlocks the bootloader and roots your device, while “Unroot + OEM Lock” will get you back to 100% stock.
There are also the necessary drivers and SDK files needed, all of which are also installed with one click of a button. It’s sure to be a great tool for those who have been looking for a good one-click solution. Note that this doesn’t install a recovery for you but you should be able to install one fairly easily with its bootloader unlocked.
For now, only the LTE (Verizon) version of the device is supported but a GSM version is well on its way. Head to GalaxyNexusForums.com for instructions and download links and be warned that you and only you are responsible for anything that happens to your device. [Thanks Wicked!]