If you've been waiting on a jailbreak for iOS 5.1.1, an untethered version should be coming soon. That's according to pod2g. But is it coming to iPhone, iPod touch, iPad, and Apple TV, and which versions of each?
Here's the deal.
The new iPad
There is currently no jailbreak tool available that supports the new iPad under iOS 5.1.1 or iOS 5.1. Even though jailbreak developers showed off an iOS 5.1.1 jailbreak almost immediately after the software update was released, no tool has been made available and no timeline has been talked about. So if you're using a 3rd generation iPad, you'll have to be patient.
If you've got a 3rd generation Apple TV (1080p) you may have a little wait as pod2g is claiming his tool currently does not support it. Seas0nPass has been updated to support the 2nd generation Apple TV (720p) under iOS 5.1.1 and they're currently working on making it compatible with the new Apple TV.
So if you've got a 2010 Apple TV you can go ahead and update and re-jailbreak under iOS 5.1.1. If you've got a 2012 Apple TV, sit tight for now.
iPhone 4S and iPad 2
If you've got an iPhone 4S or an iPad 2, you're in luck. pod2g has successfully achieved an untethered jailbreak for both Apple A5-chipset powered devices under iOS 5.1.1. The Wi-Fi versions of the iPad 2 have already been tested and are confirmed to be working. The GSM and CDMA versions haven't been tested but should also be compatible.
I'd still recommend holding off on updating until an official tool is released with an official support list. If you've currently got a jailbreak you'd like to keep, stay away from iOS 5.1.1 for a little while longer.
Phone 4, iPhone 3GS, and original iPad
The iPhone 4 and first generation iPad, Apple A4 powered devices both, are also confirmed under pod2g's untethered jailbreak. The iPhone 3GS has not yet been tested but they believe it will also be supported as an untethered jailbreak under iOS 5.1.1.
You can currently tethered jailbreak the iPhone 4, original iPad, and iPhone 3GS via redsn0w but if you're on an earlier untethered version, I'd hold off over taking a tethered version and just wait to update to iOS 5.1.1 until an untethered tool is available.
As always, if you depend on a software unlock for your iPhone 4S, iPhone 4, or iPhone 3GS, it's probably smart to stay away from iOS 5.1.1 until an unlocking tool has been updated. If you've already updated your iPhone 4 or iPhone 3GS but saved your blobs, it may be possible to downgrade but if your baseband has been updated through a stock update, you probably won't be able to achieve your unlock again (for now at least).
So if you're unlocked, don't update your iPhone until a software unlock tool has been updated or a new one has been released.
Even though we have a working untethered jailbreak for iOS 5.1.1 confirmed, it's probably several weeks away and with WWDC 2012 right around the corner, iOS 6 could put a hold on whatever tools the dev teams may be working on.
If you're currently jailbroken and just can't live without it, stay where you're at. In the mean time, I'd save your SHSH blobs in case you need them in the near future.