Untethered jailbreak for iPhone 4S IOS 5.1?

I've heard such a thing doesn't exist. If that's the case, what should I do about jail breaking an iPhone 4S with ios 5.1? Should I somehow upgrade to 5.1.1 and do the untethered there? Or should I get the newest version apple has (probably not) and find or wait for a possible update for jail breaking there? And if I do somehow get an iOS 5.1.1 and manually update the phone to that, it won't mess anything up or erase my data, right?

Your best bet is to either upgrade to 5.1.1 then watch this video to Jailbreak it untethered and it will not erase your data:

OR you can wait for the new jailbreak to come out for 6.1. More info on this in this video:

Hope this helps you out!