Infamous iOS hacker Stefan Esser (i0n1c) has tweeted a picture of his freshly jailbroken “new iPad,” colloquially known as the iPad 3, running the recently released iOS 5.1.1. This is significant because there is currently no jailbreak— tethered or untethered—publicly released for the third-generation iPad, iPhone 4S, or iPad 2.
It is unlikely that Esser will release his jailbreaking method, however, as he often criticizes the jailbreaking community and often keeps the exploits he discovers to himself. Fortunately, iOS hacker pod2g is working on a jailbreak the aforementioned devices running iOS 5.1 or 5.1.1, but may hold off on releasing the method until the launch of iOS 6.
Jailbreaking allows you to install third-party applications, tweaks, mods, themes, utilities, and other content—called “packages”—from Cydia, the jailbreak equivalent of the App Store on iOS. Jailbreaking essentially allows for you to further customize and enhance your iPhone, iPod touch, or iPad beyond the limits that Apple imposes.