No. Stay where you are. Always. Even if 5.1 is released, 5.0.1 will still be signed for a little bit.
Either way, if 5.1 is dropped before pod2g releases his jailbreak, then he will simply retool it to work with 5.1. 5.1 won't become unjailbreakable as long as pod2g doesn't drop his tool before the release of 5.1. The only exception would be if someone Apple arbitrarily discovered the exploit pod2g used, but that almost never happens and is nearly impossible.
Also, if the exploit works on 5.0.1 it should work on 5.0.0. So even if it for some reason doesn't work on 5.1 and you don't get 5.0.1 in time, it will still work on 5.0.0
Point is, you're fine either way, as long as you're on 5.X.X of some sort.
Here is where it gets juicy.
Let's assume that Hackman Smith is legit, keeps his commitment, and his jailbreak is released on 12/25. Since none of us know what exploit his jailbreak is based on, they (Apple) could be waiting for it (or any jailbreak) to be released before dropping 5.1. If so, and if Hackman's exploit is the same as pod2g's exploit, pod2g would be screwed because his exploit got closed in 5.1.
We will all know, and the aftermath, on Christmas Day.
BL.