In January 2012 a so-called “iOS Jailbreak Dream Team” was formed to develop untethered jailbreak solution for iPhone 4S and iPad 2 called Absinthe. P0sixninja, MuscleNerd, Planetbeing and Pod 2G are the people who worked on its development and in a few weeks will speak at an international conference about security systems.
The conference is called HITB, Hack In The Box, and will be held in late May. All four members will be there presenting the latest information about the process of developing a jailbreak solution for iOS.
Until then probably we will have not only a new iOS 5.1 but also an update for it therefore we will need new jailbreak solution for our devices, of course if the "dream team" will have the time to deal with it. i0n1c, another jailbreak master, apparently found an exploit for iOS 5.1 to be hiding in an application (KakaoTalk Messenger 2.8.8) from the App Store, but it remains to be seen.