Pod2g tweeted earlier that iOS 5.1.1 untethered jailbreak will be released to public in few days and now a friend of Pod2g has uploaded a video showing Untethered Jailbreak on iPhone 4 using Absinthe v2.0 on iOS 5.1.1 firmware.
Absinthe 2.0 seems to be much similar to original Absinthe tool which was released in January this year for iPhone 4S and iPad 2.Absinthe 2.0 has added support for extra iOS devices including iPad 3/New iPad and firmwares.

If you want to know the list of devices which will support iOS 5.1.1 Untethered Jailbreak then head over here.