It appears that there are several potential paths to a jailbreak:
● We can confirm that the method used to jailbreak the iPad2 4 months ago still works even in 5.1. That means we'll at least be able to get our foot in the door to get the required kernel dumps on the iPad3. That's an important step, but by no means is it the end of the story.
● Those of you following @i0n1c may have noticed he's already tweeted pictures of his iPad2 jailbroken at 5.1. As far as we know, he's using a method completely unrelated to the one mentioned above. That would be great news!
● We've also seen bits and pieces of an entirely different jailbreak method being investigated by someone close to the Cydia repo scene.
● That's three different angles, and we're not even including the continuous work @pod2g makes towards a new jailbreak!
Also, if anyone purchases an iPad that is running a firmware version lower that iOS 5.1 please contact the iPhone Dev-Team and don't update. While this is rare, it could happen and would help the team out.
As usual stay tuned to iClarified (Twitter, Facebook, RSS) for the latest jailbreak news.