Late yesterday, pod2g gave us an update on the iOS 5.1.x jailbreak that is expected in the next couple weeks.
According to pod2g's twitter, both the iPad and iPad 2 are both untethered in iOS 5.1.1. Previously, the new iPad (3rd-generation) has also been tested in iOS 5.1.1. I am still waiting to update my iPhone 4S and iPad 2 to iOS 5.1.1, and will instead remain on my untethered iOS 5.0.1 jailbreak. I am definitely looking forward to getting my new iPad jailbroken!