Yes it is, but it will be a tethered jailbreak as there is still no untethered jb out there
iOS 5.1 untethered jailbreak
Instead of waiting for jailbreakme, if you really want to jailbreak you can use redsnOw it jailbreaks iOS 5. But I'm going to wait for jailbreakme to jailbreak iOS 5 because they are the easiest to use and it is pretty much impossible to mess it upp
P0sixninja sells iPhone 5 and iOS 6 jailbreak exploits to an Apple employee
unfortnately there is no ios 5.1 jailbreak at the moment but it is coming soon. Yet there is a tethered jailbreak for ios 5.1.
No there is currently not a jailbreak out for iOS 8.4.1, 9.1 or 9.2
No.
No you just update form iTunes
You can jailbreak it semi-tethered but not untethered at the moment. search on Redmond Pie for a tutorial
If its iOS 4 to iOS 4.3.5 then go to JailbreakMe.com If it has iOS 5 to iOS 5.0.1 use Redsn0w (provided down below in related links)
You can jailbreak iOS 7.1.* using Pangu Jailbreak. (Do to the inability to add links and post links, just google Pangu Jailbreak and that should work.)
Currently there is no jailbreak for iOS 4.0.2 and the iPhone Development Team has said they will not be making one for it. You will either have to downgrade to iOS 4.0.1 or you will have to wait until there is a jailbreak made for iOS 4.1 that was to be released today.
No. It is just to soon for the devs to get an untethered jailbreak for iOS 6. Plus iOS 6 isn't available to the public just yet.