You read the title correctly! A 5.1 (and 5.1.1) jailbreak is coming out very soon. How soon? It can probably even be as early as tomorrow!
By the way, this new jailbreak will be supporting the new iPad (iPad 3rd generation). This will, indeed, be the first jailbreak for that device.
What? How? Why?
Let’s break it down. If you still have your device on anything lower than 5.1, update your iDevice now! A jailbreak will be out for it within hours. Pod2G, the creator of the previous jailbreak as well, has created a new jailbreak for this firmware. So simply, update your device, and be ready to jailbreak your device tomorrow!
How do we know this? Well, a few indicators point towards this future event occurring. One, Pod2G is #HITB2012AMS, alongside many iOS hackers (names include: @flawlessfox, @p0sixninja, and more), trying to get the jailbreak to work on all devices. How else? Two, he tweeted recently, asking if anyone at #HITB2012AMS had an iPad 2,4 to test his jailbreak. He mentioned this was the last device to verify the jailbreak on. When you’re with hackers, and around hackers, finding a specific type of iPad isn’t hard to do!
OK just added iPad3,3 support to Absinthe thanks to @flawlessfox. Only remains iPad2,4 now but we need the actual device.
— pod2g (@pod2g) May 24, 2012
Summed up, we’re planning on seeing the 5.1 and 5.1.1 jailbreak being released in the morning (morning to keep traffic sufficed).
So, are you ready? Update your device now, and be ready for that jailbreak by tomorrow!

i want to install ios5 on my iphone 3gs.How do I do it?
That’s a brilliant answer to an inetrseitng question