It seems pod2g and Chronic Dev team are in the final stages of the untether jailbreak for iOS 5.1.1. Pod2g mentioned yesterday that Absinthe 2.0 (the jailbreak tool) will be released in the coming days and to show its ready they have released a video.
Xvolks a member of pod2g’s jailbreak released a video showing how Absinthe 2.0 is going to jailbreak pretty much every iOS device except Apple TV 3.
If you folks remember Absinthe version 1 was released at the start of this year to jailbreak iPhone 4S and iPad 2 and it now seems Absinthe 2.0 will be the first one to jailbreak the new iPad 3.
Check out the video of Absinthe 2.0 jailbreaking an iPhone 4 GSM.
Video has been taken down due to request from pod2g. Sorry guys
The absinthe jailbreak tool is to be released very soon, within a day or two. And, according to musclenerd a CLI (Command Line Interface) version for iOS 5.1.1 will be immdeatiely released once the jailbreak is out and later redsnow would fully integrate the jailbreaking feature.