Of course there is a way to restore to 5.0.1 if it's already installed in the phone. IF IT IS A4 CPU (3GS,4)
Use iFaith to get your 5.0.1 SHSH and then prepare custom firmware signed with your SHSH blobs. Then use iREB and restore to 5.0.1...
Otherwise you can Fetch SHSH with redsn0w and save it on saurik's server but the first method is better.
zeezoo |