It is now possible to downgrade to 5.0 using iFaith
This is a discussion on It is now possible to downgrade to 5.0 using iFaith within the iPhone Jailbreaking forums, part of the iPhone Hacking & Jailbreaking category; Tonight ih8sn0w released a major update to his SHSH dumping tool iFaith. iFaith 1.4 adds support for all iOS firmware up to 5.0.1. This means ...
It is now possible to downgrade to 5.0 using iFaith
Tonight ih8sn0w released a major update to his SHSH dumping tool iFaith. iFaith 1.4 adds support for all iOS firmware up to 5.0.1. This means that if you are currently on 5.0, you can use the new iFaith to dump your SHSH and then if you upgrade and at any point you want to downgrade back to 5.0 you can use ih8sn0ws tool to create a custom firmware that is pre-signed(no need for TinyUmbrella).
As you may know, Apple changed the way the SHSH replay works in 5.0. After you upgrade, your SHSH key for earlier firmware cannot be replayed which means it becomes useless. However, iFaith is not susceptible to this new security measure. iFaith will allow you to dump the SHSH and APTicket for whatever firmware you are on and inject it into a custom firmware which can be restored in iTunes in order to downgrade.
It requires the limera1n exploit so obviously iPad2 and iPhone4S are not compatible. You can download it from his site here.
White iPhone5(CDMA) - iOS 6.1.2 - Jailbroken with Evasi0n 1.5
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iPad 4th gen 32GB Black iOS 6.1.2 (jailbroken with evasion)