Jailbreak 5.1 Click Here
In this video I show you the first step in downgrading from 5.0.1. This will work for all devices: iPhone, iPod Touch, and iPad. With this program ifaith you will want to dump your SHSH blobs and save them on your computer. In the future when a working downgrade comes out you will need your dumped blobs files so you might as well do it now before you forget and upgrade on accident.
Download Links:
iFaith v1.4 (For iOS 3.x.x to 5.0.1)
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[...] This is great news because now users don’t have to worry about downgrading if they accidentally upgraded to 5.0.1. If you do want to upgrade to 5.0.1 for battery reasons ih8sn0w recommends you still save your shsh blobs which you can do by clicking here. [...]
[...] hope that this will finally let us Downgrade from 5.0.1 to older firmwares. Stay tuned with iPhone Informant while we bring you further information and [...]