According to "Tavern and Tokens of Pepys' London" by George Berry, the Salutation Tavern was in what is now Lower Monument Street. It was an old and prosperous tavern, probably the most important one in the area.
There was some bad verse about it in the Elizabethan broadsheet "News from Bartholomew Fair": "There hath been great sale and utterance of wine,
Besides beer and ale and ipocras fine,
In every county, region and nation,
But chiefly in Billingsgate at the Salutation."
The Diary of Samuel Pepys, Vol. 10: Companion: Samuel Pepys, Robert Latham, William Matthews - 2001 - Biography & Autobiography
Salutation, Billingsgate. Ancient and important tavern in Salutation Court, north out of (Lower) Thames St, between Love (Lovat) Lane and St Mary-at-Hill. Monument St, now covers its site. 16 hearths 1666
In the 1700's it is listed as a meeting place for Freemason meetings:
Chart showing the number of references in each month of the diary’s entries.