Pod2g has announced that the Chronic Dev-Team now has all the exploits required to release a userland jailbreak of iOS 5.1.

News: we have all exploits required to do a new jailbreak. I'm working on bypassing ASLR at bootup.

Last month Pod2g said that the team only had a few pieces of a userland jailbreak. Now that the team has them all, it will still take some time to put them together in a public ready tool.

Since this is a userland jailbreak, it will be the first publicly available jailbreak of the iPad 3. I0n1c has demonstrated a jailbreak of the new device; however, he's said he will not release his jailbreak to the public