Are you using a iPhone 4 or 4s? There is a jailbreak out for ios 5.1 but it is only for A4 devices so far and it is a tethered jailbreak. If you are running an A5 device i'm afraid you are out of luck as of now. You may see if anyone out there in the google world has a copy of 5.0.1 you can download because I think Apple stopped signing it when 5.1 came out.