Big news from the jailbreak community can tend to come out on the weekends, and this weekend is no exception. Earlier today Chronic Dev Team hacker pod2g confirmed that the upcoming untethered jailbreak for iOS 5.1.1 is only a “matter of days” away from dropping. We’ve been telling you that the jailbreak is coming for months, but it looks like things are finally coming together for a public release.

Coincidentally, a hacking convention called “Hack in the Box” will be taking place this week, and the Chronic Dev Team will be there in full force. We’re hearing that the new jailbreak tool will likely be announced at the conference. The name of the new jailbreak will be “Absinthe 2.0,” following the previous version of Absinthe that jailbroke the iPhone 4S and iPad 2 for the first time.

Pod2g has confirmed that his untethered jailbreak will work on the following devices:

Phone 3Gs

iPhone 4

iPhone 4 CDMA

iPhone 4S

iPad 1

iPad 2 Wifi

iPad 2 GSM

iPad 2 CDMA

iPad 3 Wifi

iPad 3 CDMA

iPod 3G

iPod 4G

It looks like the third-gen Apple TV will be the only iOS device not compatible with the jailbreak. When a jailbreak is untethered, it means that you don’t have to re-jailbreak an iOS device every time it reboots. Once you jailbreak, it sticks until you update your iOS firmware.

Like past jailbreaks, expect the Absinthe 2.0 jailbreak tool to be released for OS X first, then Windows and possible Linux. The iPhone Dev Team’s RedSn0w tool will also be updated with the new 5.1.1 jailbreak alongside Absinthe 2.0, giving users a couple options for jailbreaking.

The previous release of Absinthe was a huge success. It was downloaded millions of times in only a few days, proving that there’s still healthy demand for jailbreaking post-iOS 5.

After many months of waiting, we should finally be getting our hands on a new jailbreak in only few days. Apple released iOS 5.1.1 on May 7th with several bug fixes and improvements. Developers are expected to get their hands on a preview of iOS 6 at Apple’s Worldwide Developer Conference in June.

Here’s a video of Absinthe 2.0 in action on an iPhone 4 running iOS 5.1.1:

Sources: pod2g, xvolks, MuscleNerd