Downgrading iPhone 4S iPad 2 and iPad 3 will possible in the upcoming redsn0w release ~ Geeky Apple - The new iPad 3, iPhone iOS 5.1 Jailbreaking and Unlocking Guides | Jailbreak News, Guides, Tutorials | Scoop.it
From www.geekyapple.com - May 9, 2012 5:14 AM

Redsn0w Jailbreak Tool Update will support downgrading of iPhone 4S, iPad 2 and The new iPad 3. iPhone Dev-Team member Musclenerd announced that the next update for redsn0w will downgrade A5 devices, iPhone 4S, iPad 2 and the new iPad 3. However downgrading would only be possible if the shsh blobs are saved.

 

Earlier, iH8Sn0w also tweeted that he has discoved a method of downgrading A5 devices that includes iPhone 4S iPad 2 and iPad 3. However, the method followd by iPhone Dev-Team assures that none of Apple's copyrighted code has been used in the downgrade process. This downgrade method will help iPhone 4S and iPad 2 users who have their SHSH Blobs saved to downgrade to iOS 5.0.1 for an untethered jailbreak.