The MITRE CVE dictionary describes this issue as:
Untrusted search path vulnerability in the perf_config function in tools/perf/util/config.c in perf, as distributed in the Linux kernel before 3.1, allows local users to overwrite arbitrary files via a crafted config file in the current working directory.
Find out more about CVE-2011-2905 from the
MITRE CVE dictionary dictionary and
This issue did not affect Red Hat Enterprise Linux 4 and 5 as they did not include support for perf. This did not affect Red Hat Enterprise MRG as it uses the perf package from Red Hat Enterprise Linux 6. This has been addressed in Red Hat Enterprise Linux 6 via https://rhn.redhat.com/errata/RHSA-2011-1465.html.