It doesn't update anything, but most people find that trying to use that method on a jb device breaks something, and they then need to restore/update anyway. I wouldn't do it unless you're SURE you can reload 5.0.1 on your device.
Wil, I did this just days ago. I was having issues with cydia and tried to restore from the cloud. The first step is to erase all content from the reset option. Tried it 3 times and the phone stay frozen (spinning) for up to 3.5 hrs each time without a restore. I was trying to restore from icloud so I could keep 5.0.1 to re-jailbreak, but after failure to restore, I just went ahead and updated to 5.1.1. My phone is running perfect now, but of course my ability to jb is gone.
Listen. If you're already jailbroken you can't use the erase all content and settings option in the reset menu because your device will freeze(what happened to you).
Youre not stuck on that iOS version. Get your SHSH Blobs. Stitch them to an 5.0.1 IPSW file, remove the baseband from it and restore in PWNED DFU mode from that. All done with just redsn0w.
Hi iSpi7Fire, I'm on ios 5.01 iPhone 4S and unfortunately I can't get the PWNED DFU by redsn0w (last version) cause they say that the 4S isn't supported.
From iTunes with Tinyumbrella and all my shsh saved (also in my computer) I can't restore to the the same firmware and even not to 5.1.1 which his shsh is saved too cause I always get 3014 or 11 error messages even after did all I found on the web, change Hosts, anti-virus and firewall disable, etc...
Do you have any other solution for me cause I had a few bugs (can't hang up after an income call) and I'd like to rejailbreak my 4S