Nikon D5100 1/200 max sync?

I currently have a Nikon D5100, and an SB-700 flash to go along with it. I was wondering if there was a way to get a faster shutter speed than 1/200 while using the extension flash? It appears it is seriously limiting my use to a slower shutter speed for such an amazing flash! This is one thing I wish I considered in my purchase of the camera. Hopefully there's a way to fix it, and that is my question, does anyone know how to change the max flash sync?

Any help is greatly appreciated!

Unless nikon release a new firmware, or else the max sync speed of the camera will not change, if you want faster sync speed buy another camera, nikon d7000 max sync speed 1/250

That's how it is on virtually all dslr cameras. Answer - nope.

The other two answers are not quite right - there's a function in Nikon called high speed sync. Not sure about the D5100 but my D300 is capable of it with the flash both on or off camera.

You need to understand how the shutter curtain works to understand about max sync speed. As the first shutter curtain travels across the sensor, the second one starts to follow behind. 1/200 sec is the fastest that this can happen & still have the whole frame exposed for the flash to fire & illuminate it. At higher shutter speeds, what happens is that the first & second shutter curtain travel together as a 'slit' which travels over the sensor. With high speed sync flash, the flashes 'pulses' to match the slit moving over the sensor - it's a way of exposing the whole frame, but the downside of it is that the flash power is much reduced (because it is pulsed, rather than firing in a single pop).

There's nothing to stop you shooting at a higher shutter speed - what will happen is that the second curtain will close & will start to be visible as a dark band across one side of the frame (can't remember if it's a vertical or horizontal shutter). If you compose the image suitably, it is possible to get away with slight banding & crop it out later - you may be able to get 1/250 or even 1/320 sec that way.

Why do you need such a high shutter speed with flash? The only usual reason is to try to kill ambient light in broad daylight, but it can be done reasonably with a smaller aperture & upping the flash power - this was taken in UK in bright midday sun;

at f22 and 1/250 sec (my max sync speed) using a Yongnuo flash at full power. I managed to drop the ambient a stop or so.

If you just want to freeze motion (water drops, skateboarders etc) you don't need the high shutter speed - the flash (firing at faster than a shutter speed) effectively stops motion.

Edit - On looking further on the web it seems that the D5100 doesn't have high speed sync. Ifound this on the dpreview forums;
"Even with an an external Auto FP compatible flash, such as the SB-600/700/800/900, the D5100 can't perform Auto FP high speed flash sync.
The D80, D90, D7000, D200, D300, D2 series and the FX bodies can do this."

How is this limited max sync speed limiting you? There's almost always a way to get the results you want within the limitations of the hardware… Back in the "good old days" of film, many cameras had a max sync speed of only 1/60th or 1/125th. It didn't really slow us down then.