UPDATED: The 5.1.1 jailbreak is finally here and it's as simple as ever.

The program you must download is called Absinthe and it's really easy to use. Simply download the program and install it, Then connect your iphone and run the program. I did mine in about 5 minutes.
Download

Absinthe for Windows

Absinth for Mac

Instructions

Instructions for Windows

Instructions for Mac


pod2g has done it again. His hard work and effort has finally found away around Apple's software to be able to jailbreak iOS 5.1 untethered on the iPhone. Up until now it was only available in a tethered form.



What does this mean:
1. Developers are still working on jailbreaking the latest software, in this case 5.1
2. We aren't exactly sure when pod2g will make the jailbreak public but it should be soon.

I'll try to keep as posted as possible to keep you guys informed