The news we have all been waiting for is finally here. Pod2g has assembled the pieces of exploits and now his iPhone is running on iOS 5.1 untethered jailbreak. He announced he was able to jailbreak through his twitter account.
As we informed earlier, the jailbreak will use not 1 or 2 but 7 exploits in total, 2 of them to bypass legal troubles and 5 of them to overcome technical hurdles making it a unique jailbreak. The iOS 5.1 jailbreaking process required a kernel exploit which was coded and found by @westbaer. The main man is pod2g, with p0sixninja and other members of the Chronic Dev Team also playing a role.

No ETA has been given by Pod2g, and the details about the tool onto which the jailbreak will be packaged are unknown too. Existing tools can be used such as Absinthe, greenpois0n, redsn0w or a totally new tool can be introduced by the Dev team. The exploit has to go rigorous testing and we expect a few weeks before pod2g decides it's ready for a public release. So don't worry, it will eventually reach you.
Pod2g also confirmed the new exploits will work on A5/A5X devices, Apple TV 3, iPhone 4S and iPad 2. This is great news for those who are looking to jailbreak the new iPad 3 as that will also be possible once it's available.

We will keep you updated!