iOS 5.1 dropped last week and of course there were 0-day jailbreaks out there. Redsn0w was kinda ready but not fully. It’s a tethered jailbreak which means every time you power off your device, you need to connect your device to a computer to boot it up again. Pain. But if you messed up and already updated to 5.1; well at least you have an option. Hopefully you learned your lesson.
Now here is the bad part of the kinda, if you have the iphone 4s or the ‘New’ ipad, forget about it since the A5, and A5x chip is much harder to jailbreak. Yet another reason to hold on to your iphone 4. There is a jailbreak for iphone4s running the older iOS called Absinthe. It can be downloaded from here for Mac and here for Windows.
Right now, there is not word on an untethered jailbreak for iOS5.1, however, normally when a tethered jailbreak is working, an untethered is not too far behind.
However, nothing on hacking the A5 chipset running iOS5.1. You may have to settle in for a long wait.