Yep, iOS 5.1.1 is completely jailbreak-able.
In fact, you don’t need to wait for a spanking brand new jailbreak for this particular iOS release. The current redsn0w jailbreak – 0.9.10b8b – works just fine with iOS 5.1.1, though the whole process on how to go about jalbreaking is slightly modified.
To know exactly how you can jailbreak iOS 5.1.1 so as to liberate your iOS device, hop on over to Redmondpie for the complete step-by-step guide.
As for redsn0w, take your pick from the ones below:
This jailbreak works on all A4-powered – iPhone 4, iPad 1, and 4G iPod touch – and older iOS devices.
Happy jailbreaking, guys! And don’t forget, back-up before you jailbreak.