The German hacker i0n1c, has untethered solution for iOS 5.1.1 but he is not interested in releasing it for public. But it seems that Pod2g will make the jailbreak community happy very soon. Pod2g confirmed that iOS 5.1.1 untethered jailbreak is free of all errors.
Applying iOS 5.1.1 untethered jailbreak on iPad 3, means the same for all other iDevices iPhone 4S, 4, 3GS, iPad 2, 1, iPod touch 4G, 3G.
Watch This Video For iOS 5.1 Untethered Jailbreak on iPad 3 :
This means that jailbreak is very imminent to be released by Redsn0w the tool of iPhone dev team or Greenpois0n the tool of Chronic dev team in Collaboration with Pod2G and his exploit.