An untethered jailbreak has been released for the latest iOS 5.1.1.
It's an update to the Absinthe method and works on all devices except the third-generation Apple TV.
And it's a simple method....update to iOS 5.1.1....download Absinthe (there are Mac and Windows versions)...plug in an Apple device and run Absinthe.
Here's a link to the excellent iClarified jailbreak tutorials and here's a video showing you the method on a Mac.
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