As 9to5 Mac first reported, Apple has released an updated version of iOS 5.1.1 for the iPhone 4 GSM. The build for this latest version is 9B208, while the previous version was 9B206. Interestingly enough, the release is only for the iPhone 4 GSM, and it’s likely a small bug fix given its slight build number difference.
Either way, we recommend that you hold off on updating until given the all clear is sounded with regard to jailbreak compatibility. Make sure your save your iOS 5.1.1 SHSH blobs so that you can take advantage of a future downgrade if need be.
You can head over to our downloads page for the download link to iOS 5.1.1 9B208.
We’ll have more details on this latest build once they become available. This latest version will reportedly not update your baseband.