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"Along with the new iPad the iOS 5.1 update has been available for a few weeks now and the jailbreak community are busy working hard trying to provide users with an untethered jailbreak, but it seems it won’t be releasing anytime soon.
iOS Dream Team member Pod2g has confirmed the jailbreak is at least a few weeks away according to an article on GottaBe Mobile. It does seem there is progress being made with the jailbreak though, but users looking to get hold of it will have to wait a little longer."