1 ) Follow the instructions (*) in the document "Updating the Software on Your Oracle Solaris 11 System"

* see and apply "How to Configure the Oracle Solaris support Repository"

then run:

# pkg update --accept

Reboot if necessary (see "why" in STEP 3)

Note: it is possible that your "pkg" package is not up to date

# pkg update
WARNING: pkg(5) appears to be out of date, and should be updated before
running update.  Please update pkg(5) using 'pfexec pkg install pkg:/package/pkg' and then retry the update.

-> So just upgrade it:

# pkg install pkg:/package/pkg

Reboot if necessary (see "why" in STEP 3)

By the way, note that I am using the DEV tree:

# pkg publisher -P
PUBLISHER                             TYPE     STATUS   URI
solaris                               origin   online   https://pkg.oracle.com/solaris/dev/

2 ) Now our system is ready to jump to the latest SRUs so check what is available:

# pkg list -af entire
NAME (PUBLISHER)                     VERSION                    IFO
entire                                            0.5-DOT-11-0.175.1.0.0.24-DOT-2    ---   --> Latest version available in the repository !
entire                                            0.5.11-0.175.1.0.0.24.0    ---
entire                                            0.5.11-0.175.1.0.0.23.0    ---
entire                                            0.5.11-0.175.1.0.0.22.1    ---
entire                                            0.5.11-0.175.1.0.0.21.0    ---
entire                                            0.5.11-0.175.1.0.0.20.0    ---
entire                                            0.5.11-0.175.1.0.0.19.0    ---
entire                                            0.5.11-0.175.1.0.0.18.0    ---
entire                                            0.5.11-0.175.1.0.0.17.0    ---
entire                                            0.5.11-0.175.1.0.0.16.0    ---
entire                                            0.5.11-0.175.1.0.0.15.1    ---
entire                                            0.5.11-0.175.1.0.0.14.0    ---
entire                                            0.5.11-0.175.1.0.0.13.0    ---
entire                                            0.5.11-0.175.1.0.0.12.0    ---
entire                                            0.5.11-0.175.1.0.0.11.0    ---
entire                                            0.5.11-0.175.1.0.0.10.0    ---
entire                                            0.5.11-0.175.0.11.0.4.1    i--   --> this is at what level your OS is !

3 ) Apply the latest SRU: (don´t forget the --accept parameter)

# pkg update --accept entire-AT-0.5.11-0.175.1.0.0.24.2

------------------------------------------------------------
Package: pkg://solaris/consolidation/osnet/osnet-incorporation-AT-0.5.11,5.11-0.175.1.0.0.24.2:20120919T184141Z
License: usr/src/pkg/license_files/lic_OTN

Oracle Technology Network Developer License Agreement

Oracle Solaris, Oracle Solaris Cluster and Oracle Solaris Express

EXPORT CONTROLS
Selecting the "Accept License Agreement" button is a confirmation
of your agreement that you comply, now and during the trial term
(if applicable), with each of the following statements:

-You are not a citizen, national, or resident of, and are not under
control of, the government of Cuba, Iran, Sudan, North Korea, Syria,
or any country to which the United States has prohibited export.

<....>

Packages to install:  38

Packages to update: 443

Mediators to change:   2

Create boot environment: Yes   --> a reboot is required and a new BE will be created for you !!

Create backup boot environment:  No

DOWNLOAD                               PKGS       FILES    XFER (MB)
Completed                                491/491 23113/23113  504.2/504.2

PHASE                                        ACTIONS
Removal Phase                           10359/10359
Install Phase                               15530/15530
Update Phase                              15543/15543

PHASE                                          ITEMS
Package State Update Phase         932/932
Package Cache Update Phase       452/452
Image State Update Phase                    2/2

A clone of solaris-1 exists and has been updated and activated.
On the next boot the Boot Environment solaris-2 will be
mounted on '/'.  Reboot when ready to switch to this updated BE.

4 ) Reboot your system

# reboot 

5 ) Resources

Solaris 11 Express and Solaris 11 Support Repositories Explained [ID 1021281.1]

Oracle Solaris 11 Release Notes

Updating the Software on Your Oracle Solaris 11 System