Absinthe Version 2.0:
Step 1: Download Absinthe 2.0.1 for Mac - Windows - Linux
Step 2: Run Absinthe 2.0.
Step 3: Connect your new iPad or iPhone to your computer running Absinthe, and make sure that Absinthe detects the device you connected correctly. Make sure your device is turned on and on the Home screen.
*NOTE: There is no need to use DFU mode at all.
Step 4: Click Jailbreak, and let the process complete. You will see your iPad act as if it’s performing a restore, this is normal, be patient.
Step 5: Once complete, you should receive an alert on Absinthe telling you that the jailbreak on your iPad is complete, you will now see the Cydia app icon on your Home screen. It is now safe to unplug your device.
Step 6: Open Cydia, and it will prepare for your first use.
You have now installed your iOS 5.1.1 untethered jailbreak...ENJOY!!!