Finally after a long wait you can now jailbreak your iPhone 4, 4s, or iPad 3 running iOS 5.1.1. Thanks to the folks at the Chronic-Dev team, the application is named Absinthe 2.0 and is available for Windows or Mac. I put the links below for both as well as simple instructions that show you how to do it. It is really simple since all you have to do is connect the iOS device and then click on Jailbreak.
I have tested my devices all day and I have not had any problems with the Jailbreak itself. The only problem I have had is download apps from the Cydia store, it will give me errors and I have to keep trying again until it works. I think this has to do with the amount of people customizing an downloading apps from Cydia.
UPDATED VERSIONS TO 2.0.4 of Absinthe
DOWNLOAD v2.0.4: WINDOWS VERSION
DOWNLOAD v2.0.4: MAC VERSION
1. Download the application for your computer. If you are running the Windows version you will see a black screen popup like the image below which is extracting the application to a folder. Once it does that, then go back into the folder and open it to run the EXE file.
2. Once you run the Application you will need to have your iOS device connected and unlocked, if you have a password on the device make sure to put it in first or you will see the error below. Once you are ready simply click on Jailbreak and let it finish.
3. Once its completed you will see on your iphone 4s for example the Cydia application icon. Simply open it, let it load the files. You will need to open it once more after it closes and you will be presented by the Choices, choose USER and you are ready to start using it.