Recently Apple released iOS 5.1.1 and we reported you that they know about the downgrading hole that @ih8sn0w found previously. The downgrading method wasn’t released for public yet because it had some legality issues. We all were in a great hope that @ih8sn0w would be releasing the method sometime soon; unfortunately we didn’t see the method yet because of some legality issues in the method not told by him. So, someone had to come up with a solution for people who updated to iOS 5.1.1 or iOS 5.1 on their iPad 3, iPad 2, or on iPhone 4S and have lost their Jailbreak to downgrade back to iOS 5.x.x version with the help of SHSH Blobs.
Today, @MuscleNerd announced a great news on his Twitter account that he is going to release and update to the famous tool, Redsn0w to v 0.9.11b1 that will bring the capability of downgrading iPad 2, iPad 3, and iPhone 4S to older iDevices with the help of SHSH Blobs. Even, you can stich the SHSH Blobs to the IPSW for further use in downgrading.
Upcoming redsn0w supports restoring, including iPad2/3 and 4S downgrades (with blobs)http://twitpic.com/9ixsqv ..Also stitches on the fly
This new version of Redsn0w 0.9.11b1 will help people who accidentally updated their iPad 2, iPad 3, or iPhone 4S on latest iOS to downgrade them back with the help of SHSH Blobs.
On the other hand, the jailbreak for iPad 3 on iOS 5.1.1 has been founded by @i0n1c and he is not releasing it for public. Not to worry, because @pod2g is actively working on the Jailbreak for iPad 2, iPhone 4S and iPad 3. We will be seeing the Jailbreak for all the devices sometime soon.
The downgrade for the iPad baseband has been released now and it is available for Download from here.