The first time around it was the end of the banishment to Babylon.
The second time around... ???
The second time around is TBA. Maybe now. Maybe later. Only the Lord knows.
http://www.torchweb.org/torah_detail.php?id=338
...“You already know that the exiles [that the Jewish people will have to go through after leaving Egypt until the coming of the Messiah] are four: Babylonia, Persia, Greece, and Rome. (The fourth, Rome, began during the 2nd Temple Period and apparently ended with the Holocaust.)
However, the Jewish people are destined further in the end of days to live in the exile of Yishmael, as mentioned in Pirkei D’Rebbi Eliezer, and in the Midrashim of our Rabbis, and in the Zohar in the end of Parshas Lech Lecha...