The Chronic Dev team have now released a new version of Absinthe to jailbreak your 5.1.1 iDevice, Absinthe is well know throughout the jailbreaking community mainly due to its ease of use.
Absinthe Will jailbreak the below devices:
iPad, iPad 2, and The new iPad (newer 32nm iPad 2 not included yet)
iPhone 3GS, iPhone 4, and iPhone 4S
iPod touch 3G and iPod touch 4G