Absinthe has just released its new jailbreak too, Absinthe 2.0. The jailbreak works with the new iPad, iPhone 4S and all previous models running iOS 5.1.1.
Right now, the only iOS device not supported is the Apple TV 3. The jailbreak requires 5.1.1 so if you haven't updated yet, do so. Once you have head over to the Absinthe site and download Absinthe (Windows/Mac/Linux). From there the process is pretty similar to previous jailbreaks with Absinthe. Plug in your phone, launch Absinthe and follow the directions on the screen. Hit up the page below for download links and how-tos for each device.