Although the Dev Team has not announced anything about the possible development of a jailbreak solution for iOS 5.1, here is Pod2G taking the first step and announcing that they are currently looking for possible exploits that can be turned into untethered jailbreak solutions for iOS 5.1. Pod2G has pre-ordered an iPad tablet that will arrive this week, so he will be able to search for vulnerabilities right from the launch of the device and if he is lucky he will find something usable and with the help of the rest of the hackers he will develop a new jailbreak solution for iOS 5.1.
The whole process of searching/developing an untethered jailbreak solution is complicated and long, so you shouldn't get too excited right now. At the moment only iPad 2 and iPhone 4S cannot be jailbroken on iOS 5.1.
