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Dev team has released a new version of Redsn0w (0.9.11b1) that allows iPhone 4S and iPad 2 users to downgrade their iOS device to iOS 5.0.1 so that they can use the Absinthe jailbreak to jailbreak their device.
This is a step-by-step guide for users to downgrade their iPad 2 on iOS 5.1 or iOS 5.1.1 to iOS 5.0.1.
Some important points before we proceed: