That didn’t take long. The Dev Team has already managed to jailbreak iOS 5.1. Keep in mind that it’s not perfect. For one, you can’t have an iPhone 4S or iPad 2. Otherwise, it won’t work. Sorry. That A5 chip can be a tough cookie.
Also on the downside? This JB is tethered. That means you must physically connect your device to your computer each time you boot. It’s a pain, and we ourselves usually don’t run tethered jailbreaks, just because of the inconvenience of having to have a computer around in the event that you have to reboot your device.
Here are some old Redsn0w jailbreak instructions. The process remains the same.
Here are the download links as provided by the Dev Team: