Soon after the release of iOS 5.1.1 firmware, it has been successfully untethered jailbroken running on iPad 3. Hacker i0n1c has posted a teaser image showing iPad 3 running cydia on iOS 5.1.1. i0n1c has confirmed that he has used the existing exploit using which iOS 5.1 was untethered jailbroken the new iPad on the its release day.
Despite of holding such a useful talent, i0n1c has already announced that he will not be releasing the untethered jailbreak for A5/ A5X devices. Having said that, we still have high chances of the untethered jailbreak, as Pod2g is already having his untethered jailbreak for iOS 5.1 almost ready as he confirmed it running on iPhone 4 successfully.
Though Pod2g has not yet confirmed that his jailbreak solution for iOS 5.1 works well with iOS 5.1.1 also, but as per the last updates by him it should work with iOS 5.1.1. He has also given the tentative ETA for iOS 5.1 jailbreak to be 1-2 months, but with iOS 5.1 we can expect the untethered iOS 5.1.1 jailbreak also to be released.