Chronic Dev Team has released Absinthe which jailbreaks all devices on iOS 5.1.1 - including the new iPad! Also if you were tethered on 5.1.1 you can just install Rocky Racoon from Cydia and it will untether your device.
- iPad 1, iPad 2, iPad 3
- iPhone 3GS, iPhone 4, iPhone 4S
- Pod Touch 3G, iPod Touch 4G
Go to www.greenpois0n.com and download the tool!