Pod2G, the French security researcher who was the mastermind behind finding the bug that got us a jailbreak for the iPhone 4 and 4S on 5.0.1, is back in action and actively looking for some iOS5.1 vulnerabilities. In a tweet responding to someone asking about a new iPad jailbreak, Pod2G did indeed confirm that he is working on the latest jailbreak and hopefully the iPowers that be will help us keep out iPhones jailbroken on the latest firmware.
In the meantime, you can still get a tethered jailbreak on iOS5.1. Head over to our iPhone forums on this and any other iOS question or issue you may have.
(via redmondpie)