iOS developer @xvolks has released a video demonstrating iOS 5.1.1 untethered jailbreak originally developed by Pod2g. The tool is named Absinthe 2.0 and used it to jailbreak iPhone 4 on iOS 5.1.1.
@xvolks is the same hacker who fixed iBooks crashing bug in Corona jailbreak. Later he has been assisting different iOS developers including Pod2g. The status of the video in which he has shown a demo is now private so we cannot see it anymore.
The upcoming jailbreak will be compatible with all devices including the A5/A5X devices. Apple TV 3 is the only exception which won’t get the jailbreak. Remember the upcoming jailbreak was a very hard task since they have also jailbroken A5/A5X devices that includes iPhone 4S, iPad 2 and the new iPad as they are not vulnerable to the bootrom level exploit.
Pod2g has told earlier that the jailbreak release is now a matter of days so it will released anytime soon. Most probably the CLI version by iPhone Dev Team will be released first followed by Absinthe 2.0 RC1 for Mac followed by the Windows version.
Keep in mind that as soon as Absinthe 2.0 is released, Apple will start patching the exploits and will released iOS 5.1.2 to fix it. So make sure when its released, you jailbreak your device on iOS 5.1.1, save your SHSH blobs and do not update to any firmware release Apple introduces after it.
We will keep you updated as soon as they release Absinthe 2.0 RC1 for download.Stay tuned to VeryRite.com. Make sure you follow us.