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.
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.