The latest untethered jailbreak has been released and it works for every iDevice there is. However iPhone 4S and iPad 3rd generation users have been having trouble, including myself. Here are the steps to get it working on the iPhone 4S and iPad 3.
Note: Make sure your device is on iOS 5.1.1.
How To Jailbreak
1. You need to first backup your device, do this through iTunes. Just plug the device into your computer/mac, right click and "Back Up".
2. Erase your device, erase your device, it'll make the jailbreak process a lot quicker. To do this go to "Settings/General/Reset-Erase All Content & Settings".
3. (Skip this step at first, only do it if your jailbreak doesn't work first time) Restore your device with a IPSW file. To do this, you will first need to download the IPSW file for your device, get them here. Then connect your device to iTunes, click on your device, hold shift (hold alt for Mac) and click the big "restore" button, then choose the IPSW file. This will do a clean install.
4. Open Absinthe and be sure your are still connected via USB cable to your computer.
5. Click 'Jailbreak' and wait... just be patient and do not disconnect your device!
6. Once jailbroken return to iTunes and restore your backup from earlier. To do so, right click on your device name under the 'Devices' menu in the left panel of iTunes and click 'Restore From Backup...' then select the latest backup you created before. (restoring this backup will return all the content previously on your device, i.e. apps, photos, etc.)
Hopefully step 3 will fix problems for anyone who isn't able to jailbreak. I've found that it works for me and is working for many others. If you're still having problems, leave a comment below and we'll try and help.