The Absinthe 2.0 jailbreak for iOS 5.1.1 has been released this week, which once installed allows you to install third party applications and tweak your iOS devices setup to suit your needs. Before installing Absinthe 2.0 make sure you backup all your necessary iPhone data first, which can then be re-installed once Absinthe 2.0 has been loaded.
“After copious amounts of work and many sleepless nights Absinthe 2.0 is finally here to jailbreak your device. This release has been a large collaborative effort between Chronic-Dev Team and iPhone Dev Teams (Jailbreak Dream Team). This jailbreak supports firmware 5.1.1 ONLY and is again one of the most easiest jailbreaks to use (so easy your grandma could do it ;D)”