The popular Redsn0w jailbreak utility has finally been updated (bringing it to version 0.1.12b1) which brings untethered jailbreak support for iOS devices running iOS 5.1.1.
Following are the iOS devices running on 5.1.1 are supported by this version
iPod touch 3rd/4th
If you are already jailbroken tethered with iOS 5.1.1 you can use Cydia to download the Rocky Raccoon untether, you do not need to re-run Redsn0w. Likewise, if you’ve already installed the rocky-raccoon package to untether a 5.1.1 jailbreak there is no reason to download or use the new redsnow tool.
However, if something went wrong with previous jailbreak tools like Absinthe or with Cydia package Rocky Racoon, then go ahead and download the latest RedSnow version from the below links.
Download Redsn0w 0.9.12b1 For iOS 5.1.1 Untethered Jailbreak On Windows [Direct Link] Download Redsn0w 0.9.12b1 For iOS 5.1.1 Untethered Jailbreak On Mac [Direct Link] [via Chip Hazard]