Absinthe 2.0.4 is compatible with iOS 5.1.1 and is one of the easiest jailbreak solution available to date. Absinthe 2.0.4 is the first jailbreak available for iPad 3 (the new iPad).
Absinthe 2.0.4 Supported Devices:

Absinthe 2.0.4 can jailbreak following devices running iOS 5.1.1 Click here to enlarge):

iPhone 4S iPad 3 Wifi iPad 2 GSM iPod Touch 4G
iPhone 4 iPad 3 CDMA iPad 2 CDMA iPod Touch 3G
iPhone 4 CDMA iPad 3 Global iPad 1 Apple TV 2G
iPhone 3GS iPad 2 Wifi

Note: iPad 2,4 support will be added later has been added in Absinthe 2.0.4. Apple TV 3G is not supported.
We have ‘ll be posting posted detailed step by step instructions to jailbreak iPhone, iPad and iPod Touch with Absinthe 2. Links to download and use Absinthe can be found below…
Download Absinthe 2.0.4

Download iOS 5.1.1
Download Absinthe v2.0.4 for Windows
Download Absinthe v2.0.4 for Mac
Download Absinthe v2.0.4 for Linux