This is what hacker MuscleNerd had to say about the up-coming jailbreak:
"* All info below is tentative and subject to last minute refinements
*
@pod2g's 5.1.1 jailbreak+untether is working out great. All devices
are covered except for AppleTV3,1, which currently has no path for
jailbreaking.
- the initial 5.1.1 plan used a kernel exploit from @westbaer which unfortunately precluded use in iPod3,1 and iPhone2,1
- @planetbeing stepped up and provided a kernel exploit that covers both of those. Those two JBers are the bomb!
*
The 5.1.1 A5 JB is very similar to the A5 5.0.1 JB. @pimskeks has done
a tremendous job supporting both 5.0.1 and 5.1.1 in absinthe
*
Similar to 5.0.1, there will also be a 5.1.1 CLI "cinject" binary and
redsn0w version of the 5.1.1 JB+untether. Absinthe, cinject, and
redsn0w will all provide the same JB in different fashions.
- timing is indeterminate. Plans are for this week, but a number of factors can influence that.
* For those wishing to donate, we've set up a new 5.1.1 paypal URL: paypal
* Please don't pirate AppStore apps (seriously, please do not)."