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I saw this in the latest Local Notice to Mariners:

Dredging is being done in Jones Inlet & Reynolds channel until approximately 15 May 2011. Two buoys will be on scene in (PA) North 40-35.583N 073-34-457W and South 40-35.565N 073-34.454W. Mariners are requested to proceed with caution while transiting the area.

Unfortunately, it appears that those coordinates mean they're dredging Reynolds and its northern connection to Jones Inlet, not the outer inlet...
Oh well...

Not the inlet proper, or Reynold's, more like the shoaling west of the channel green side (buoy 11) off of Point Lookout. This has been filling in, likely from the Reynold's flow on the ebb, coming around the point by the "nice" house on the corner. Should have no impact on navigation, not much water in there presently, and quite a ways off the marked channel ....