The DevTeam has released a new version of Redsn0w, to do the iOS 5.1.1 untethered jailbreak, using exploits by PlanetBeing and pod2g. Now the tool includes Rocky-racoon.
It has also updated the tool Pwnage Tool to create custom firmware and update your iPhone without updating the baseband, ideal for those who use Ultrasn0w.
If you already have done the Absinthe jailbreak, do not apply this again, unless you have problems. The jailbreak is exactly the same, just method of exploit injection is changed.
They have added a method different from the present (using the restore) to jailbreak A4 devices, uses ramdisk based Limera1n hack, in my opinion this method is best to avoid problems with future restoration or synchronization with icloud. Only drawback of DevTeam tools is lack of support of A5 devices.