The wait is finally over! Absinthe 2.0, jailbreak for the 5.1.1 has been released by the Chronic dev team! You can download and get more info on the official site of the developers greenpois0n.com . I have tested it on my 4S and it worked like a charm Have fun!

Supported devices:

• iPhone 3Gs, iPhone 4, iPhone 4 CDMA, iPhone 4S
• iPad 1, iPad 2 Wifi, iPad 2 GSM, iPad 2 CDMA, iPad 3 Wifi, iPad 3 CDMA, iPad 3 Global,
•  iPod 3G, iPod 4G
• Apple TV 2

iOS 5.1.1 Jailbreak