Absinthe 2.0 is finally here to provide your iOS 5.1.1 device with an untethered jailbreak. This release has been a large collaborative effort between Chronic-Dev Team and iPhone Dev Teams (Jailbreak Dream Team)
This jailbreak supports firmware 5.1.1 ONLY and is again one of the easiest jailbreaks to use (so easy your grandma could do it ;D)
Note: If you are already running a tethered jailbreak on iOS 5.1.1 search Cydia for "Rocky Racoon 5.1.1 Untether" to simply untether the jailbreak. It's unnecessary to run this tool.
Note: MacUpdate Desktop and Finder report this as 1.0.0, but the dev states it is 2.0.4.