Good news for folks who updated their iPhone 4S, iPad 2 or new iPad from iOS 5.0.1 to 5.1 or 5.1.1 and loss the untethered jailbreak from the device. MuscledNerd announced that a new version of RedSn0w will be available to downgrade and restore the firmware on those devices (iPhone 4S, iPad 2, new iPad 3) back to 5.0.1 for an untethered jailbreak.
RedSn0w, however, will required you to have the SHSH blobs of the firmware you wish to downgrade/restore saved, which is only possible if you your device was jailbroken on iOS 5 or 5.0.1 before updating to 5.1 or newer version. So, if your iPhone 4S, iPad 3 or iPad 3 came with iOS 5.1 or newer pre-installed or the device was updated to 5.1 and was never jailbroken on 5.0.1, you won’t be able to downgrade the device. In that case the only hope for you to see an untethered jaillbreak would be if the Dev-Team release an untethered jailbreak for that specific firmware, 5.1 or 5.1.1.