Last night MusclNerd confirmed that redsn0w can jailbreak iOS 5.1.1 for iPhone 3GS/4, iPod Touch 3G/4G and iPad 1 tablet using the limera1n bootrom exploit. The jailbreak is tethered of course, but I recommend you not to rush the update and not to install iOS 5.1.1 on your terminals yet if you need a jailbreak. I say this because you might notice that some tweaks in Cydia no longer work with this version of iOS, it might be difficult for you to go back to iOS 5.1, if Pod2G doesn't manage to do its solution untethered jailbreak compatible with iOS 5.1.1 and of course you have problems with decoding solutions.
iOS 5.1.1 solves some problems of the operating system, but I recommend you to postpone the update, at least until Pod2G gives us some details about the compatibility of its exploits with iOS 5.1.1. Until then, I will not do a jailbreak tutorial dedicated to iOS 5.1.1 because I do not support the jailbreak of this version of iOS at the moment and I recommend you to avoid it. If you still like to complicate things, then you can follow this tutorial to jailbreak, the steps are the same, but you need to use the iOS 5.1.1 ipsw instead of the one for iOS 5.1.
In the end, I will tell you that decoding with SAM should theoretically work on iOS 5.1.1, but I recommend you wait a few more days until we hear something from the developer of the tweak.
