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The demo video of Absinthe 2.0 - untethered jailbreak for iPhone, iPad and iPod touch running on iOS 5.1.1 that was briefly available, provided some interesting details of what to expect.
MuscleNerd of the iPhone Dev team has just provided some more information about the iOS 5.1.1 untethered jailbreak.
He has published the following notes on his website:
All info below is tentative and subject to last minute refinements