The upcoming iOS 5.1.1 untethered jailbreak release is imminent. It's so close we can almost smell it.
For that reason, it would be wise to go ahead and analyse your current situation, and prepare for the jailbreak.
It has been confirmed that the A5 portion of the jailbreak — the jailbreak for iPhone 4S, iPad 2, and the iPad 3 — will only support iOS 5.1.1.
While nothing has been said about A4 devices, it's a good chance that iOS 5.1.1 will be required to jailbreak any device with the new Absinthe tool across the board.
So what should you do? Should you update your device now, or wait until the jailbreak has been officially released?