Didn't take the developer community long. Just hours after Apple officially released the iOS 5.1 update, the iPhone Developer Team got to work and in no time and they came up with a jailbreak.
Unfortunately, there is a big drawback here, the jailbreak only works for non-A5 devices, mainly because the iPhone 4S and iPad 2 (A5 devices) are rocking beefier security measures to combat jailbreaking. We are sure someone out there is working on a way to get past the Apple prison security. But until then, only non-A5 devices are vulnerable.
To jailbreak your iOS 5.1 device, the requirement is that the Redsn0w tool is used to get the job done. However, there's a catch you might not like. For it to work, users will be asked to tether their iOS devices to their computer. No problem, but the problem begins when users have to tether every time their iOS device is restarted. That's a lot of work, but for hobbyist, anything to get device freedom is worth it.
Having to tether every time the device restarts is the biggest challenged face here, but taken into consideration that Redsn0w jailbreak is the first for iOS 5.1, things will get better as time goes by.
How-To jailbreak your iOS device
Step 1: Install the latest version of iTunes (10.6)
Step 2: Open iTunes and back up your device.
Step 3: Upgrade your firmware to iOS 5.1.
Step 5: Start Redsn0w and select Jailbreak, then Install Cydia. Follow the steps to place your device into DFU mode.
Step 6: This is the step you will have to perform each time your device is shut down. Launch Redsn0w, select Extras, thenJust Boot in order to boot your device tethered.
There you go, easy as counting 1,2,3, and saying your ABCs.
(Reported by Vamien McKalin, edited by Surojit Chatterjee)