Here is an update status from Musclenerd regarding the upcoming untethered jailbreak:
* All info below is tentative and subject to last minute refinements

* @pod2g’s 5.1.1 jailbreak+untether is working out great. All devices are covered except for AppleTV3,1, which currently has no path for jailbreaking.
– the initial 5.1.1 plan used a kernel exploit from @westbaer which unfortunately precluded use in iPod3,1 (latest ipod touch) and iPhone2,1 (iPhone 3gs)
– @planetbeing stepped up and provided a kernel exploit that covers both of those. Those two JBers are the bomb!

* The 5.1.1 A5 JB is very similar to the A5 5.0.1 JB. @pimskeks has done a tremendous job supporting both 5.0.1 and 5.1.1 in absinthe

* Similar to 5.0.1, there will also be a 5.1.1 CLI “cinject” binary and redsn0w version of the 5.1.1 JB+untether. Absinthe, cinject, and redsn0w will all provide the same JB in different fashions.

– timing is indeterminate. Plans are for this week, but a number of factors can influence that.

* For those wishing to donate, we’ve set up a new 5.1.1 paypal URL: https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=4U6DQGJ2NRVUN

* Please don’t pirate AppStore apps (seriously, please do not).