This is super good news for the jailbreak crowd. GreenPois0n Absinthe 2.0 is out for iOS 5.1.1 untethered jailbreaking enjoyment. Absinthe is an easy solution for jailbreaking, and going untethered is pretty awesome. Excellent work by Chronic Dev Team and pod2g.
Absinthe works on A4-powered devices and A5 ones, like the iPhone 4S and new iPad. It won't work on the newer iPad 2, however (thanks for pointing out the distinction -- the newer iPad 2 uses a different chipset). JailbreakUntethered has explanations on how to get this going on your device, so if you've ever wanted to try jailbreaking, it's never been easier.