I've tested Absinthe v2 on my iPhone 4 GSM, iOS 5.1.1. It jailbroke it flawlessly. I've took a (bad) video of it ;)
Pod2g has said the jailbreak will be released in a few days.
You can check out the video below and follow iClarified on Twitter, Facebook, or RSS to be notified of the jailbreak's release.