5.1 Untethered Jailbreak still weeks away according to pod2g
Soon after the release of 5.1, various jailbreak developers started posting images of their A5 and A5X devices jailbroken running 5.1. Of course, this doesn't mean much for end-users since the code they use cannot be distributed nor would end-users know where to begin to use it. Since those first few days after it's release, we haven't heard much in the way of news surrounding the upcoming jailbreak.
Today, @pod2g has released some new info suggesting that we are still weeks away from a public jailbreak. Apparently, the Chronic Dev-Team has bits and pieces of a userland jailbreak, however, they still lack a few pieces needed. Even with all of the pieces, @pod2g goes on to say that it would still be "weeks" before we saw a public release.
Keep in mind that this update only pertains to A5/A5X devices. It is quite possible that A4 and earlier devices(which already have a tethered 5.1 jailbreak) will be untethered much sooner. So for now, if you have an A5/A5X device and you wish to be jailbroken or you have an A4 or lower device and wish to remain untethered, you should stay on 5.0.1 for now.
Keep in mind that ih8sn0w could be releasing a iOS 5.1 downgrade method any day.