Step 1: Download the latest version of iFaith from
http://ih8sn0w.com/
and iOS 5.0.1
http://unlockboot.com/p/jailbreak-iphone.html
Step 2: Build a singed firmware file by clicking on 'Build *signed* IPSW w/Blobs'
Step 3: Browse for the SHSH blobs file that was previously saved to the device in use to downgrade back to the old 5.0.1/5.0 firmware. Now iFaith will ask you to choose the stock firmware of which you want to create the custom firmware file from. Once completed, iFaith will have a new custom firmware file waiting for you on the desktop with SHSH blobs incorporated for the firmware you're downgrading to.
Step 4: Finally, enter DFU mode with iFaith and then use iTunes to restore to this custom firmware file.
This is all that's required.
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