A piece of software called "Absinthe" came out last week that makes it possible to jailbreak iPhones running iOS 5.1.
What does it mean to jailbreak?
All you're doing is installing some software on your phone that frees it from Apple's clutches.
You have total control over your phone and can run apps that are outside of Apple's approval.
Our favorite jailbreak capabilities, for example, let us use FaceTime over 3G and make our phone into a WiFi hotspot. But that's barely scratching the surface.
Jailbreaking isn't without its potential problems, though -- there's a chance that you might sacrifice some stability or battery life, but we have yet to notice any problems like this.
Jailbreaking is free and easy, and we think you'll be glad you did it.
VERY IMPORTANT: Before doing anything, back up your phone by right-clicking on it in iTunes and selecting "Back Up." If something goes wrong during the jailbreak process, this is a way to get your phone back to normal
Go to http://greenpois0n.com and click on the link to download Absinthe for whichever computer you use. In this case, we're jailbreaking on a Mac