i Phone Dev team has just released Redsn0w 0.9.12b1 that includes support for untethered i OS 5.1.1 for i Phone 4S, i Phone 4, i Phone 3GS, i Pad 3, i Pad 2, i Pad 1, i Pod touch 4G and i Pod Touch 3G.
i OS 7.1 / i OS 7.1.1 update is now available for i Phone, i Pad and i Pod Touch.
You can install i OS 7.1.2 7.1.1 update on i Phone, i Pad or i Pod Touch via i Tunes or over-the-air.
It's not a perfect solution, but it's better than nothing.
Note: While jailbreaking is a relatively safe process, and usually when things go wrong you just have to reboot the i Device by holding down both the Home and Power button until it reboots to fix things, if the worst does happen and you kill your i Device, neither I nor Apple can help you. The latest i OS release is i OS 5.1.1 and I suggest you update to this before carrying out the jailbreak.
This final version of i OS 7.1 brings interface refinements, Car Play, Siri improvements, bug fixes and other improvements to the mobile operating system.