In a tweet today, Pod2G brought the good news saying that he is working on finding vulnerabilities with the new iOS 5.1 firmware. He doesnt know when it will be ready, but he is actively on it.
A couple of days ago, an update of the famous jailbreak tool RedSnow was realesed, RedSnow iOS 5.1 for A4 devices on Mac and was soon followed by an update for the Windows jailbreak tool SnowBreeze V2.9.2.
Pod2g`s tweet is just a notification and doesnt mean the jailbreak is ready. It`s a long process, and we are definitely glad to see hackers working on it.