Version 2.0.1 worked for the majority of users. However later last night, Apple pushed out an updated build, 9B208, of iOS 5.1.1 for the GSM iPhone 4.
This new iOS 5.1.1 build could not be jailbroken with existing tools, so a new version of Absinthe, 2.0.2, is now available to address the new iOS 5.1.1 build.
Support for the new iPhone4 firmware (9B208) is on the way, should be live within a couple of hours #Absinthe
#Absinthe 2.0.2 is now live! Includes support for new iPhone4 firmware 9B208
For those looking to jailbreak, you can now use version 2.0.2 for all iOS 5.1.1 builds.