A couple of days ago we told you how the iPhone Dev-Team was readying a new update for redsn0w, which would have the capacity to downgrade our beloved iOS devices to an earlier, jailbreak-able version of the mobile operating system.

Now, that update is available: Apple fans can download redsn0w 0.9.11b1, which includes downgrade support for the iPhone 4S and the iPad 2. Provided users have saved their iOS device’s SHSH blobs, this software allows Apple fans to install an earlier version of the iOS on their mobile device – such as iOS 5.0.1, for which an untethered jailbreak solution is currently available.

All of us are watching @pod2g‘s tweets intently, hoping that the jailbreak mastermind might soon develop a solution for the iPhone 4S, iPad 2 and the new iPad under iOS 5.1 (and iOS 5.1.1), but as of this moment, no such jailbreak solution is available. Until one does become available, it’s good to know jailbreak fans with their SHSH blobs saved can downgrade in order to enjoy the benefits of an untethered jailbreak.

Fortunately, iDownloadBlog has put together a great how-to video on downgrading with redsn0w, which we’ve embedded below. Take a look at the video, and good luck if you choose to install iOS 5.0.1 on your iPhone or iPad!