Per Boy Genius Report, the GreenPois0n Absinthe 2.0 jailbreak for iOS 5.1.1 has been released.
Absinthe works on A4-powered devices and A5 ones, like the iPhone 4S and new iPad. It won’t work on the iPad 2, however and the JailbreakUntethered site has explanations on how to get this going on your device.
If you’ve tried the jailbreak and have any feedback, please let us know in the comments.