If you have been waiting for the iOS 5.1.X jailbreaks, wait no longer. The Chronic Dev Team have released Absinthe 2.0, a jailbreaking tool most iDevices running the latest iOS 5.1.1 update, including the new iPad. Another important feature of this jailbreak is, it is untethered, so users can reboot their devices and still find the jailbreak present.
The new jailbreaking tool, Absinthe 2.0 can jailbreak all iPhones from the iPhone 3GS onward, as well as third- and fourth-generation iPod touch devices and all iPads with the exception of the latest 16GB iPad 2. Support for this device is planned and should be available soon.
Even the process of jailbreaking has become simpler. If you want to jailbreak a device, connect it to your PC/MAC, and backup the device using iTunes ( right clicking on your device name under the Devices menu and select "Back Up").
With the backup is safely accomplished, you need to wipe your iDevice; (Settings >General > Reset >Erase all Content and Settings).
Now bring up the Absinthe 2.0 for your platform and activate "Jailbreak" and wait.
Once the app and your device go through the process and jailbreak is completed, you need to return to iTunes and restore from the backup you made earlier. (Right click on your device under the Devices menu in the left panel of iTunes and select "Restore from Back Up", make sure to select the current backup.
Absinthe 2.0 could be found from the links below: