Apple recently released the iOS 6.1.1 software update for the iPhone 4S and now the now the developers behind the evasi0n jailbreak which was released for iOS 6.1 last week have released a new version of the jailbreak that will work with iOS 6.1.1 on the iPhone 4S.
The evasi0n jailbreak tool has been updated to version 1.3 and the team behind it confirmed that the new version of evasi0n will now work with the new version of iOS 6.1.1 on the iPhone 4S.
For people with 4S wanting to update to 6.1.1: make a backup and properly restore your device in iTunes. Do NOT make an OTA update.
You can find out more information about the new updated evasi0n jailbreak for iOS 6.1.1 on the iPhone 4S over at the evasi0n website.