Now, it looks like some hard work has paid off. He just tweeted that he (along with the Chronic Dev Team) has found exploits for a new iOS 5.1 jailbreak and is currently working on bypassing ASLR during bootup:
News: we have all exploits required to do a new jailbreak. I’m working on bypassing ASLR at bootup.
It was during the New Year that Pod2g teamed up with the Chronic Dev Team and iPhone Dev Team to release the Absinthe iOS 5.0.1 jailbreak tool for A5 iOS devices, alongside A4 devices too. When the iPad 3 was released, it was jailbroken immediately using three different methods.
There’s no ETA on any iOS 5.1 jailbreak release, but this is definitely a huge stepping stone in the right direction.