The jailbreak for 1.1.1 based on the tiff vulnerability has been out for a few days, but not available for public consumption. It appears that the iPhone Dev Wiki crowd is ready to unleash it on us. To install the jailbreak on a 1.1.1 iPhone, point Safari on your iPhone to http://conceitedsoftware.com/iphone/beta/. Their exploit code will install Installer.app on the iPhone, assuming you say yes to the prompts.