The iOS 5.1.1 jailbreak was released this past Friday on the Absinthe tool, but now Sn0wbreeze has been updated to support the jailbreak. In my opinion Absinthe is the easier method, so click here to learn how, but continue on for the Sn0wbreeze method.
This jailbreak will work with the iPhone 3gs/4/4s , iPad 1/2/3 , and iPod touch 4G
We’ll start things off with a video guide, so watch and learn below. A text guide will follow if you need extended help.
Step 1: After downloading, open Sn0wbreeze 2.9.5 and click Next
Step 2: Select the Browse button and head to the iOS iPSW file
Step 3: Now your iOS should be identified. Once this happens select Next
Step 4: Select Expert Mode.
Step 5 To start creating your custom firmware choose the Build IPSW option. Sn0wbreeze will decode the iOS 5.1.1 IPSW file
Step 6: You should now be faced with a message notifying the completion of the process
Step 7: Now connect your device and follow these simple steps to enter DFU mode:
Press and hold both the Power and Home buttons for 10 seconds continuously,
Release the Power button and keep holding the Home button for 10 more seconds, and
Your device should now be in DFU mode
Step 8: Start iTunes and select your device
Step 9: Press and hold the Shift button on the keyboard and select Restore. It will let you navigate to your custom firmware file (iPSW) which you created via Sn0wbreeze
Now you are all done! Your device will have Cydia when you turn it back on, and it will be fully untethered jailbroken. Let us know in the comments if you had any trouble.