Absinthe 2.0.4 untethered jailbreak for iOS 5.1.1 has been released by Chronic Dev Team iPhone Dev Teams over at greenpois0n.
It supports all 3 iPads, iPhone 3GS, iPhone 4, iPhone 4S and iPod touch 3G/4G

This release will fix some problems that occurred ( “lockdown error-5″) with the iPhone 4S and iPad2.
If you don’t use devices then you don’t need to load the new version

Absinthe 2.0.4 only supports iOS 5.1.1, to check your version by going to Settings / General / About / Version before applying the new jailbreak.

This is by far one of the easiest jailbreak so if you decided not to jailbreak yet this is the perfect time to jump in.

5 Steps on how to use Absinthe 2.0

Step 1 – Download Absinthe 2.0.4
Absinthe v2.0.4 Windows
Absinthe v2.0.4 MacOSX
Absinthe v2.0.4 Linux
Step 2 – Back up your device to iTunes by right clicking on your iOS device name under the “Devices” tab and hit “Back Up”.
Step 3 – Now that it is backed up it is time to remove all the date go to Settings / General / Reset / Erase all Content and Settings
Step 4 – Now run Absinthe (while still being connected with the USB cable) and click “Jailbreak” and see the magic happen (This might take some time so be sure to be patient)
Step 5 – Restoring time, on iTunes again go the the “Device tab” and this time hit “Restore from Back Up” and choose your backup that you created.

Easy as that !
Thanks to Chronic Dev Team and iPhone Dev Teams for your hard work it is really appreciated.
If you have any problems comment below and I will try my best to help you out.