iH8sn0w has released Sn0wbreeze 2.9.4 which has support for iOS 5.1.1 untethered jailbreak for iPhone, iPad and iPod Touch.
Sn0wbreeze 2.9.4 has support for the following devices running on iOS 5.1.1
iPhone 3GS, iPhone 4
iPod Touch 3G, iPod Touch 4G
Apple TV 2
Sn0wbreeze 2.9.4 has no support for A5 and A5X powered devices such as iPhone 4S, iPad 2, iPad 3, Apple TV 3G as there is no any no DFU or iBoot exploit available currently.
What is new in Sn0wbreeze v2.9.4:
Added the 5.1.1/9B206 untether that was released with today’s absinthe update.
Added 5.0/9B206f (Apple TV 2) support.
Minor UI changes (thanks @icj_!).
The latest update of Sn0wbreeze has no support for iOS 5.1.1 (9B208) for iPhone 4 GSM which was released.
iH8Sn0w says that currently you cannot preserve the baseband on your A5 iOS device.
Download Sn0wBreeze 2.9.4 for Windows