Well, it's as expected, pod2g has released untethered jailbreak for iOS 5.1.1 on Friday in forms of Absinthe 2.0. All iDevices (except for Apple TV) are reported to be working, including the latest iPad (3rd Gen) and iPhone 4S. The tool are available for Windows, Linux, and Mac OS X.
Some people have reported that they are having some issue after jailbreaking and my guess is that it was caused due to heavy load on the server. According to the reports, there are 300.000.000 iDevices are waiting for this untethered jailbreak, meaning it would cause a massive load and it could trigger a failure on your devices. I think it's quite safe to wait for another day before performing the jailbreak itself.
Here are the links to perform on several iDevices: