With the iOS 5.1.1 untethered jailbreak right around the corner, work has apparently started on packaging the exploits into a tool that your average iOS device owner can utilize.
Tools like GreenPois0n and RedSn0w take 99% of the guess work out of the jailbreaks, making it so that almost anyone can take advantage of the benefits that jailbreaking brings to the table.
With that in mind, it's no surprise that the highly anticipated 5.1.1 jailbreak will follow the same pattern. Judging from a conversation I had with an iOS hacker close to pod2g, it appears that the latest jailbreak tool in the pipeline will retain the Absinthe name.
In other words, I'd say it's totally reasonable to expect an Absinthe 2.0 iOS 5.1.1 jailbreak sometime within the next few days...