Pod2g just tweeted that he has the 3rd generation iPad running iOS 5.1 untethered, and after he’s finished cleaning up the payload he will try for iOS 5.1.1.

Biggest rumor about Jailbreak 5.1.1 for iPad 3, 2, iPhone 4S, 4 release date. We think presentation date is HITB Sec Conference 2012, but online release date - 1 week after this conference.

Release date: 24-25Th of May, 2012
Place: HITB CONFERENCE 2012
Online version: …….

Update:

The poll about releasing now or waiting for 6.0 ended with a 64% / 33% to release ASAP. Where is the link ? ETA ? How much % done ? etc.
As I said earlier in twitter, there’s still a lot to do to have a user friendly and well tested tool to install the jailbreak on end users devices. Expect a release in a couple of weeks.

Will it be compatible with my ?
It will be compatible with any device running iOS 5.1.1 except iPod 3G, iPhone 3Gs and ATV3 (right now, may change in a near future, nobody knows).

Why is it so slow to release now that the iPad 3,1 has been demoed ?
There are 16 different devices out there to work on and to test. It takes time.

May I be a beta tester?
No, sorry. Only really trusted people (that can be counted on one hand) could have access to the jailbreak. I don’t want any leak to happen.

What if I offer you 1,000,000$?
That doesn’t change a thing.

The main things we can glean from this FAQ is that it is now apparently safe to update to iOS 5.1.1, the jailbreak will be universal outside of the Apple TV 3, iPod 3GS and iPhone 3G – and it will be released in two weeks.

Pod2g just confirmed in a recent tweet that the untethered jailbreak works on the new iPad running iOS 5.1.1. This means that all A5 devices, including the iPhone 4S and iPad 2 should be also eligible for the jailbreak. If you recently bought a new iPhone 4S or the new iPad running on iOS 5.1.1, you need not worry because the untethered jailbreak is only around the corner.

Confirmed links for download here -> JAILBREAK IOS 5