***** UPDATE - The latest version of redsn0w now supports A5 device downgrading! See our tutorial here - TUTORIAL - Downgrade your iPad2 or iPad3 using SHSH Blobs and redsn0w
Prolific SHSH Blob master ih8sn0w has made some very encouraging tweets this morning, indicating that he has found a flaw in the IOS5 APTicket protection which apparently allows previous versions of IOS 5 firmware to be installed on not only the iPad1, but also the iPad2, and potentially, the iPad3 (depending on the next release of IOS 5.x).
@ih8sn0w's tweets were as follows:
Found a loophole in Apple's apticket system. Restored my iPad 2 to 5.0.1 from 5.1. Works on all A5 devices.A5X devices will work too once Apple pushes a new firmware for it.As ever in the jailbreaking scene, there is no ETA or other release information, so we will just need to be patient and wait for the loophole to be coded into iFaith, Tiny Umbrella, or whatever other release mechanism ih8sn0w decides uponBTW, This cannot be applied to basebands. Only iOS itself.
I will update the main FAQ and other posts as soon as there is a release. Until then, the facts remain that you cannot restore 5.0.1 to iPad2 at the moment.
See the FAQ here - http://www.ipadforums.net/ipad-hacki...ed-2012-a.html
Reading between the lines it would appear you will need your Blobs for the previous version of IOS together with current blobs to make use of the loophole, so if you have been ignoring our advice up until now, START SAVING YOUR SHSH BLOBS TODAY!