Although we still don't have an untethered jailbreak solution for iOS 5.1, the Dev Team has recently released redsn0w 0.9.10 beta 7, a new version of the program with which we can jailbreak our iDevices. The new version of the program includes the latest updates released for Absinthe and can finally do untethered jailbreak for iPhone 4S and iPad 2 but only on iOS 5.0.1. The second big novelty brought by this version of redsn0w is related to the restore because now the stitch SHSH function automatically downloads the SHSHs from Cydia, so you will not have to download them automatically. Finally, the third important news refers to the information provided by redsn0w about your iDevices and the program will now tell you if your iPhone can be jailbroken tethered/untethered or if you can unlock it.
Update #2: Version 0.9.10b7 of redsn0w adds a collection of useful features: It finally implements the corona-A5 jailbreak for iPhone4S and iPad2 devices still at 5.0.1. It can also re-install that jailbreak for those who accidentally uninstalled the untether. When stitching an IPSW, it can now grab your blobs directly from Cydia. It now shows a lot more info about your device (for instance, whether your iPhone3G has the vulnerable baseband boot loader, or whether your iPhone3GS has the old exploitable bootrom. (And the next new feature to be added will be built-in restore support , to provide an alternative to iTunes restores.)
The most interesting part of this update lies in the promise from the Dev Team to include in redsn0w the option to restore, saving us from using the iTunes program for this procedure. It is not yet known when a version of redsn0w will be available that will allow us to restore, but I do not recommend waiting for it in the near future. Jailbreak tutorial using redsn0w you have here and you can download the program from here: Windows, Mac OS X
