With the release of 5.1 newer devices running A5 or higher processers (iPhone 4S, iPad 2, iPad 3rd Gen) are again stuck un jailbroken. On the day of the release many new iPad jailbreaks emerged, however, none were released to the public. While we are waiting on I0n1c to further progress, Pod2G from the Chronic dev team claims that they are at work on a new jailbreak. The tweets he made (above) are self explanatory and like usual there is no eta, so don’t ask. Hopefully more will be revealed in the future, so make sure to check back.
Don’t forget that if you own an older device you can jailbreak using this guide.