If you are itching for "tethered" iOS 5.1 on your non-A5 device, here are the redsn0w links:
redsn0w 0.9.10b6 for OS X
redsn0w 0.9.10b6 for Windows (Admin mode)
The message from the iPhone Dev-Team is "DO NOT UPDATE TO 5.1, because you may lose your jailbreak!
From the Dev-Team:
First, please read and re-read the above warnings! With all of that in mind, we realize that some of you non-A5 jailbreakers are itching to get to 5.1, even though there seems to be no compelling new feature there. Because of geohot’s limera1n exploit, those with devices earlier than the iPad2 can test the 5.1 jailbreak waters if they really want to, using redsn0w 0.9.10b6. Here’s what you need to know:
This is a *tethered* 5.1 jailbreak for non-A5 devices. You’ll need to use redsn0w to “Just Boot” your device every time it power cycles, otherwise jailbreak apps won’t work (neither will Safari).
Don't get too excited about this tethered jailbreak, but it is a step in the right direction. The untethered iOS 5.0.1 jailbreak that pod2g provided with corona will be used for quite some time...probably until iOS 6 for me!