I always wait, the first ones usually suck. Well that and I'd prefer greenp0ision if it's still around. Simple and it never messed up my second gen itouch when I did it. But either way, to all the guys who are new to jail breaking, never use the first ones available if you are new to the whole scene.
You are an idiot if you think the jailbreak will work perfectly on first release.
It's a program that modifies a stable software, exploits it, removes core files, disables security functions, and you expect it to work on first release? No, just no O__o
Evasi0n 1.4 works great.
My personal iPhone 4 is on 5.1.1, but 4S is on iOS 6.1.2