$/ must be a string, not a regular expression. Awk has to be better for something. :-)
Actually, you could do this if you don't mind reading the whole file into memory:
undef $/;
@records = split /your_pattern/, <FH>;The Net::Telnet module (available from CPAN) has the capability to
wait for a pattern in the input stream, or timeout if it doesn't
appear within a certain time.
## Create a file with three lines.
open FH, ">file";
print FH "The first line\nThe second line\nThe third line\n";
close FH; ## Get a read/write filehandle to it.
$fh = new IO::File "+<file"; ## Attach it to a "stream" object.
use Net::Telnet;
$file = new Net::Telnet (-fhopen => $fh); ## Search for the second line and print out the third.
$file->waitfor('/second line\n/');
print $file->getline;