With the release of iOS 5.1.1 today, there is already a jailbreak. The downside to this jailbreak is that it does not work on the iPad 2 or 3, and the iPhone. 4s. The Dev Team states to stay on 5.0.1 at all costs if you would like a jailbreak for one of those devices. This jailbreak is also semi tethered meaning you will need to follow the last steps every time your device turns fully off. If you use an unlock we highly recommend that you stay on iOS 5.0.1 (untethered).
How To Jailbreak 5.1.1
1. Open redsn0w, click “Jailbreak”.
2. Plug in your device and put it into DFU mode as instructed to after pressing “Next”
Note: This will not work on iPhone 4S or iPad 2 for 5.1.1*
3. Wait for your device to jailbreak close Redsn0w and open it again.
Booting Tethered – Do steps below now and every time your device turns off –
4. Open Redsn0w again and click “Extras” and then “Just Boot”
5. Wait for your device to boot up and it will be jailbroken.
6. Semi Untethered
If you would like to make your device semi untethered you can by following the directions we have here.