Pod2g, who was instrumental in the 5.0.1 and A5 jailbreak, has issued an update on an untethered jailbreak of 5.1.
He said last month that he only had a few pieces, so hearing they have all the exploits this is good news for jailbreaking 5.1. Hopefully it won't be too much longer!
Edited by brutal truth, 24 April 2012 - 11:34 AM.
Updated with latest information from pod2g