Thanks for the reply. I'm not sure of the process, is there a tutorial for it?
Just download Tiny Umbrella. Google it. It wont be hard to find the official site.
Save it to your desktop.
Plug in iPhone and open Tiny Umbrella, and click the "Save SHSH" button.
If iOS 5.0.1 shows up in the list in the white box(and I'm sure it will) then you can in fact restore to iOS 5.0.1
Now download Sn0wbreeze or iFaith. Redsn0w works too, but I don't recommend it for this particular procedure.
If you want your device pre-jailbroken, or need to activate the phone during the restore process then use Sn0wbreeze.
Download the 5.0.1 IPSW for your device model
I forgot to mention that if you modified your host file then it will never work no matter what. If you did modify your host file then change it back immeditely before attempting to restore.
Under no circumstances should you ever ever ever ever ever ever (did I mention under no circumstances?) modify the host file. that was needed at one poin t in time, but that strategy is dead and will never be needed again.
WARNING: UNDER NO CIRCUMSTANCES SHOULD YOU DOWNLOAD THE IPSW FROM INTERNET EXPLORER. THEY WILL NOT WORK. YOU MUST DOWNLOAD THE IPSW FROM MOZILLA FIREFOX(best browser for jailbreak tool) OR GOOGLE CHROME. DO NOT DOWNLOAD FROM IE!
Okay. Now save the IPSW to your desktop.
Open whichever tool you chose to create the custom IPSW.
Pretty easy, click browse and locate the IPSW, then click browse again and locate SHSH blobs (Tiny Umbrella tell you where SHSH are stored in the "Advanced" tab).
If you chose Sn0wbreeze, then you MUST choose "iFaith Mode". If you do not choose iFaith mode then you will not be able to select your 5.0.1 SHSH blobs. iFaith "requires" you to select SHSH blobs to even build a signed IPSW.
Once your IPSW is built, it will automatically save to your desktop.
When the IPSW is done being built either tool will present you with a screen to enter PWNED DFU mode. You must enter PWNED DFU mode with iREB when restoring to *any* custom IPSW.
iREB is located within Sn0wbreeze, iFaith, and redsn0w, or you can download the standalone version from ih8sn0w.com
Once you get a success message saying you have successfully entered PWNED DFU mode, then close the tool, and open iTunes.
Simply shift+restore to the custom IPSW built with your 5.0.1 SHSH blobs and iTunes will not even have to verify the IPSW, the restore will start rite away, and it is twice as fast as restoring to a stock IPSW(where iTunes would contact Apple check the signing status of the IPSW).
DO NOT RESTORE FROM BACKUP, and you should be just fine.
I am sure you want to restore from backup........But you have been warned.....iOS 5 is just too damn different then iOS 4, and since you iPhone is jailbroken(meaning you would restore from a jailbroken backup) then it is definitely a way way bad idea to restore from a backup of any kind. It sucks, but your gonna have to deal with that if you want to fully enjoy a jailbroken iPhone on iOS 5.0.1