Although he refuses to release his jailbreak publicly, I0n1c has posted an image of a jailbroken iPad 3 on the newly released iOS 5.1.1 firmware.
Pod2g has yet to comment on whether the new firmware closes any of the exploits he is using to develop his jailbreak. According to the hacker his jailbreak is using 5-6 exploits. "The kernel exploit is one of the 5-6 exploits needed to do a jailbreak. A puzzle of exploits."