Few minutes ago Pod2g mentioned that the untethered jailbreak iOS 5.1.1 would not support the iPod Touch 3G and iPhone 3GS also he said that the tethered jailbreak would still work for those devices.
In addition he posted on his blog post that the Next tests on his list would be iPhone 4S then iPad 2 now he has just confirmed that his untethered jailbreak works perfectly on the iPhone 4S running iOS 5.1.1.
Pod2g: iPhone 4S 5.1.1 Confirmed to work perfect with the upcoming jailbreak
i think by this good news no need to the downgrade from iOS 5.1.1 to iOS 5.0.1, iOS 5.1.1 will be Untethered stay tuned on our Twitter and Facebook to be the first one to jailbreak his iPhone 4S
Pod2g: iOS 5.1.x Untethered Jailbreak New Update [No Support 3GS and iPod Touch 3G]
iOS 5.1.1 Untethered Jailbreak Release Date