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I'd also suggest you upgrade to firmware 5.1.1 via itunes before jailbreaking. iOS 5.1.1 supports absinthe instead of limera1n. The firmware is much improved, and Absinthe has a proper progress bar which is nice.
As a last resort, you can also try doing a full back-up in itunes, then restoring to default settings in itunes, then jailbreaking, and only then restoring from your itunes backup. The jailbreak process takes a lot less time on a clean ipod, and if the data is somehow causing a problem, this will get around that issue.