iPad hacker i0n1c has been teasing us with images of jailbroken iPads running iOS 5.1 since March, and he continues to amaze by releasing an image of his iPad 3 running Cydia on iOS 5.1.1 only a few hours after its release.
This doesn't necessarily mean an iPad 3 jailbreak will be made public in the near future, especially since i0n1c seems reluctant to share. However, the rest of the jailbreaking community is busy working on a new exploit. So there is still hope. Apple released iOS 5.1.1 a few days after pod2g announced that his iPhone 4 running iOS 5.1 was finally untethered, and i0n1c's photo proves that iOS 5.1.1 can be broken.