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As a general rule always stay on your current iOS until a JB is released.

What would bring you an update now?

From pod2g the dev who is working on the JB:

"pod2g @pod2g
OK, tested on an iPad 3,1 running 5.1.1. Jailbroken untethered. :) No issue."

It looks like it will also be available for 5.1.1, but do save your SHSH's for 5.1!! If you ever have to downgrade to 5.1 you'll need those.
 
tested myself the new tool (redsnow), just upgraded my ipad 3 to 5.1.1 then downgraded back to 5.1 without any problems (also tried with my 4s). Of course you need shsh in order to do that.
 
I'm a noob to jb, so I apologize for the foolish questions...
If you aren't planning to upgrade, we don't need to save the shsh file? Or should I do it for general backup purposes?
 
what's the changelog for 5.1.1?

This update contains improvements and bug fixes, including:
Improves reliability of using HDR option for photos taken using the Lock Screen shortcut
Addresses bugs that could prevent the new iPad from switching between 2G and 3G networks
Fixes bugs that affected AirPlay video playback in some circumstances
Improved reliability for syncing Safari bookmarks and Reading List
Fixes an issue where 'Unable to purchase' alert could be displayed after successful purchase

Copy and pasted from apple.
 
Even though pod2g has said that the jb will work on all iPads on 5.1.1, I won't be updating to that firmware until the jailbreak is out.
 
Even though pod2g has said that the jb will work on all iPads on 5.1.1, I won't be updating to that firmware until the jailbreak is out.

What if Apple releases 5.1.2 and stops signing off on 5.1.1 the very same day and you miss the boat on the jailbreak?
 
What if Apple releases 5.1.2 and stops signing off on 5.1.1 the very same day and you miss the boat on the jailbreak?

New TU is out which safes 5.1.1 SHSH's
So you can upgrade at will if you have SHSH's for it, even if apple releases 5.1.2.
 
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