I searched (without luck) for recent nginx packages for SLES 11.1. However, in the end the process for getting them was easy. First go to http://nginx.org/packages/opensuse/12.1/SRPMS/ and download the source rpm for opensuse. Then build the package:
rpmbuild --rebuild nginx-1.2.0-1opensuse12.1.ngx.src.rpm
You will then get a shiny new nginx rpm in /usr/src/packages/RPMS/x86_64/.