Pod2g has found two vulnerabilities key in developing an iOS 5.1 jailbreak for the iPhone 4S, iPad 2 and 3 and any other devices on the firmware. This means we are closer than ever to this jailbreak and the fact that pod2g's poll results show that people would rather a 5.1 jailbreak than keep the exploits for the release of iOS 6 tells we can expect it.
This also means that we will not have the exploits ready for iOS 6 as Apple would find out about them though the 5.1 jailbreak but that doesn't stop them from figuring it out themselves. Pod2g describes it like "playing poker". While there's no ETA, with the results 61% in favour, it looks like the hackers will continue working on 5.1.