For those who must have an untethered jailbroken iOS on their phones –  You can downgrade now from iOS 5.0.1 to iOS 4.3.3.

Let’s assume you saved your SHSH blobs for iOS 4.3.3 and that you have the latest RedSn0w 0.9.9b8, TinyUmberalla, and iTunes.

Step 1: Put your device into DFU mode.

Step 2: Verify that your Hosts file is devoid of any Apple references

Step 3: Open RedSn0w > Go to Extras > Click PwnedDFU. Your screen should remain black on your iDevice.

Step 4: Open TinyUmbrella, click Start TSS Server.

Step 5: Open iTunes hold Option+Restore (Shift+Restore in Windows) and select the iOS 4.4.3 Firmware.

Step 6: If you receive Recovery Error (1), close out of iTunes.

Step 7: In TinyUmbrella click Advanced and uncheck “Set Hosts to Cydia on Exit…” Close TinyUmbrella.

Step 8: Open RedSn0w > Go to Extras > Click Recovery fix. Your screen should look as if the device is being jailbroken. It should then go back to a solid black screen.

Step 9: Open RedSn0w > Go to Extras > Click Just boot. Your device will now boot and you should see the Pwnapple logo. Your device should now be successfully back on iOS 4.3.3.

Step 10: Open iTunes to activate your device.