Yes I Can!

How To Downgrade iOS 5.0.1 to iOS 5.0 Custom Firmware Using iFaith

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Step 1: Download iFaith 1.4 for Windows

Step 2: Select the ‘Build *signed* IPSW w/Blobs’ as depicted

Step 3: Browse and locate the blobs file that you previously saved for your current device firmware, followed by browsing for the stock firmware version that you want iFaith to create custom firmware for, and subsequently select ‘Build IPSW’. iFaith will now automatically create a custom firmware with the SHSH blobs incorporated for the firmware you are downgrading to.

Step 4: Select Proceed and then Start to enter DFU Mode using iFaith’s built-in DFU Pwner (iREB).

Step 5: Follow on screen instructions on how to place your device into DFU mode.

Here is a simple walkthrough on how to achieve this;

Hold Power and Home buttons at the same time for 10 seconds
Release the Power button whilst continuing to hold Home until the screen is blank.
Congratulations, you have successfully entered DFU mode.

Step 6: Now close iFaith, open iTunes, select your device in the left-hand menu, and hold down the left Shift on your keyboard before restoring to your previously saved custom iOS 5.0 IPSW.