We've got some more good news on the iOS 5.1(.1) jailbreak front this afternoon. Pod2g just announced that his untethered exploit works on both first and second generation iPads, in addition to the newer model.
Earlier today, the hacker noted that the jailbreak should be available within the next couple of weeks. And that certainly seems to be the case, as he's bound to be running out of devices to test it on...