Freedom! It's been a long time coming, but following last week's iOS 6.1 release, there's finally a jailbreak that'll work on your iPhone 5, and it extends to pretty much every other iOS 6.1 device out there too.
Pioneered by Evad3rs, the new jailbreak is untethered and is the first of its kind to work all iOS 6.1 capable iPods, iPads, and iPhones. Even if they've got A6 chips, like the iPhone 5 and iPad 4.
Devices it'll work for include:
iPod touch 4th generation
iPod touch 5th generation
Before you run this jailbreak—or any, really—it's probably a good idea to back up all your stuff to iTunes or iCloud and disable passcode locking your device if you have it enabled. From there, everything should be a piece of cake.
You can go grab your Windows, OS X, or Linux executable over at evasi0n.com. There are 25 mirrors for the file, and you'll automatically be routed to the one with the least resistance, so you should be able to pull down that file easily, even in the heat of the moment. Now go enjoy your sweet, sweet jailbreak freedom.