Pod2g Confirms Untethered Jailbreak On 5.1 and 5.1.1

Pod2g has been keeping us updated on the untethered jailbreak status for 5.1 on the iPhone 4 and now the iPad 3. It seems he has finally finished his development and just updated saying his exploit works with 5.1.1 as well.

iPad 3 and iPhone 4 on 5.1 untethered jailbreak confirmed

While there is no current ETA of a tool to be released for general consumers, he says he is weeks away from releasing a tool and not even $1,000,000 will make it happen quicker.