Thanks to @pod2g, the iPad 3 has been successfully jailbroken on iOS 5.1. All of it was thanks to himself, as well as a number of the usual jailbreakers (minus @i0n1c for obvious reasons). You’ll find the video embedded below. The original link to @pod2g’s blog posting can be found here. He said that he would like to see what he can do in regards to iOS 5.1.1. All of this adds up to the assumption of the jailbreak being released very soon.

Video

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