If you're eagerly awaiting the arrival of a jailbreak for your iOS 5.1-running A5+ powered device including the iPad 3 you could still be waiting a fair while, as indicated by French hacker Joshua Hill, otherwise going by the name of Pod2g as per his Twitter handle.
It would seem that following the same question being asked over and over from all angles (that being, “when's it ready?!?), Joshua has had to make it clear via a tweet that this one won't be easy and there's still much to be done before a release date can be ascertained. Here's what he said word for word :-
Following that in amongst subsequent tweets he went on to say, “but right now we (cdev) have some pieces of a userland jailbreak, but we miss some, and even if we had them all, there's weeks of work to put them all together in a public ready tool.
KitGuru says: It'll inevitably get released to the masses at some point in the near future. Nothing's too difficult in today's hacking world – just a case of being patient.