The hacker known only as pod2g has been working an a new untethered jailbreak for iOS 5 that’s been in the works for several months. Pod2g’s jailbreak was originally set for iOS 5.0.1, then 5.1, and now it’s been confirmed that it will work on the newly-released iOS 5.1.1. The only catch is that the third-gen iPod, iPhone 3GS, and third-gen Apple TV won’t be able to install the untethered jailbreak while running Apple’s latest version of iOS.
Pod2g has posted a short FAQ detailing some more info about the upcoming jailbreak.