Even though iOS 5.1.1 was just released this morning, it can already be jailbroken using the latest version of RedSn0w. This is good news for users of older devices worried about keeping their tethered jailbreak.
As with the previous iOS 5.1 jailbreak, Redsn0w can only perform a tethered jailbreak for the latest update to iOS, meaning that you’ll have to hook your iOS device up to your computer and run Redsn0w each time you want to reboot.
Meanwhile, users of the iPhone 4S, or the iPad 2 or 3rd-generation iPad are cautioned to avoid the iOS 5.1.1 update, as it could make it difficult or impossible to jailbreak your device in the future once an untethered jailbreak is released.
For instructions on how to jailbreak your iOS device running iOS 5.1.1, check out the below video, or read detailed instructions over at iDownloadBlog.