Pod2g has just confirmed the successful untethered jailbreak of iOS 5.1.1.
OK, tested on an iPad 3,1 running 5.1.1. Jailbroken untethered. :-) No issue.
This is excellent news of course! Yesterday, pod2g posted a video showing an untethered jailbroken iPad 3.
It appears that excellent progress is being made towards release.