We all had so much hope!
Shortly after the new iPad was released, it was revealed that there were three possible exploits available for developers to take utilize in order to jailbreak A5 and A5X devices on iOS 5.1. Those would be the iPhone 4S, iPad 2 and, obviously, the new iPad.
It seems that despite the initial optimism, such a prospect has hit a snag. pod2g, one of the men behind the Corona A5 jailbreak for iOS 5.0.1, tweeted “About 5.1 jailbreak for A5+ devices : it’s not out and I have no clue when it’ll happen. I’m working some hours per week on finding vulns … But right now we (cdev) have some pieces of a userland jailbreak, but we miss some, and even if we had them all, there’s weeks of work … to put them all together in a public ready tool.”
That could mean it will be available in a few weeks, or it could mean a few months. Or, more realistically, they could wait until Apple releases a beta of iOS 6 before making the decision, since occasionally they neglect to patch up the same vulnerabilities.
So while a tethered jailbreak could be in the cards for the near future, it seems that an untethered version — the one everyone really wants — is going to stand on patience.