Ever since the release of iOS 5.1.1, many in the jailbreak community have anxiously waited for the destined release of an untethered jailbreak for the new software. Non other than the prolific pod2g has worked tirelessly to comfort those in need. According to pod2g, the release of the untethered jailbreak does not appear to be that far off — coming this week.

Tethered jailbreaks are available for iOS 5.1.1; however, an untethered jailbreak is much better. It allows users to turn on and off their device without losing a beloved jailbreak.

The tool to install the untethered iOS 5.1.1 jailbreak will likely be called “Absinthe 2.0″ and put out by the famous Chronic dev-team. It will be a successor to the original Absinthe, which originally jailbroke A5 devices for the first time. The original Absinthe was highly anticipated, being downloaded a whopping 1 million times in only three days. iOS hacker xvolks dropped word of the 2.0 name in a tweet this evening.

Lastly, to get you even more pumped up, the same hacker uploaded a video on YouTube moments later that showed off Absinthe 2.0, which includes many of pod2g’s exploits.

Jailbreak geeks: Are you getting excited? We will let you know when the iOS 5.1.1 jailbreak lands.

Update: this morning MuscleNerd provides some more information on the jailbreak, saying it should come by the end of this week. Here’s the full note:

* All info below is tentative and subject to last minute refinements
* @pod2g’s 5.1.1 jailbreak+untether is working out great. All devices are covered except for AppleTV3,1, which currently has no path for jailbreaking.
– the initial 5.1.1 plan used a kernel exploit from @westbaer which unfortunately precluded use in iPod3,1 and iPhone2,1
– @planetbeing stepped up and provided a kernel exploit that covers both of those. Those two JBers are the bomb!
* The 5.1.1 A5 JB is very similar to the A5 5.0.1 JB. @pimskeks has done a tremendous job supporting both 5.0.1 and 5.1.1 in absinthe
* Similar to 5.0.1, there will also be a 5.1.1 CLI “cinject” binary and redsn0w version of the 5.1.1 JB+untether. Absinthe, cinject, and redsn0w will all provide the same JB in different fashions.
– timing is indeterminate. Plans are for this week, but a number of factors can influence that.
* For those wishing to donate, we’ve set up a new 5.1.1 paypal URL: https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=4U6DQGJ2NRVUN
* Please don’t pirate AppStore apps (seriously, please do not).