There has been a lot of rumor about the issue about the upcoming untethered jailbreak for 5.1.1, but finally we have a new hope after the jailbreakers has confirmed that they have a working exploits and will release the full blown exploits for all iOS devices except for Apple TV. The new exploit will be implemented in Absinthe 2.0 and also a new version of redsn0w and probably many other tools out there.
Since these kind of news can be misused by other people by offering jailbreaker tools, the developer has warned that they haven't released an official release of Absinthe tool yet and don't get fooled by other people who offered a paid jailbreaker tool called Absinthe 0.5. They only want to take your money without giving you the real tool to work with.
For the latest and official news about Absinthe, please visit Absinthe Jailbreak