Ever since Apple released iOS 5.1 last week, a lot of folks have been wondering when the new software would be jailbroken. Older devices can use RedSn0w to perform a tethered jailbreak of sorts, but it's not really a viable solution.
Then a few days ago we told you that pod2g, the hacker largely responsible for the Corona and Absinthe jailbreaks, was working on finding vulnerabilities in iOS 5.1. But it looks like i0n1c has beaten him to the punch...