greenpois0n yesterday released absinthe version 2.0 that lets you jailbreak your os  5.1.1.

The whole jailbreaking took less than 80 seconds on my device with all the contents and settings intact, though they suggest you Erase all contents  to make the Jailbreaking faster.  Take a backup before you start jailbreaking, in case anything goes wrong.

Also make sure to update your os to 5.1.1 before you jailbreak

 

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