MuscleNerd has announced that an upcoming version of RedSn0w will support restoring and allow for downgrade of the iPhone 4S and iPad 2/3 for those with SHSH Blobs saved.
Upcoming redsn0w supports restoring, including iPad2/3 and 4S downgrades (with blobs) http://twitpic.com/9ixsqv ..also stitches on the fly
As we noted earlier, this downgrade technique differs from the one discovered by iH8Sn0w. It does not use any Apple copyrighted code.
This will allow those with their SHSH Blobs saved to downgrade to iOS 5.0.1 for an untethered jailbreak.