When there is a will there is a way. This quote is now proved. When Apple released iOS 5.0, it closed the doors of SHSH Blobs saving, no one could save SHSH Blobs for iOS 5.0 on iPone, iPod, or iPad. Apple played its move. Now it is time for the Hackers to play their move. So today, the Developer behind TinyUmbrella, Notcom, updated its tool with the support for iOS 5.0.1 SHSH Blobs saving and added the tentative support for iPhone 4S- SHSH Blob saving.
Still it is not possible to save SHSH blobs properly for iPhone 4S and iOS 5.0.1 and utilize them after saving. But you can save the SHSH Blobs temporarily for iOS 5.0.1 on iPhone 4S and older iDevices.
Even though there is still no working solution for restoring 5.x on iPhone 4S I have released a 5.01.00 so you can at least save 5.0.1 SHSH. I have added tentative support for at least saving 5.0.1 SHSHs for iPhone 4S but as of now we are unable to use them fully.
As soon as more information is available I will update.
So fa save the SHSH Blobs for iPhone Temporarily at least. Later on, when the Jailbreak will be available for iPhone 4S and older iDevices, then it would be possible to save the SHSH blobs completely and you could utilize them.
You can Download TinyUmbrella for Windows and MAC OS X from here.