TinyUmbrella has been updated with support for saving SHSH blobs on the second build of iOS 5.0.1 that Apple released weeks ago for the iPhone 4S. As you cautioned earlier today, it’s important to update to the latest iOS firmware and save your SHSH blobs for the untethered jailbreak.

iPhone 4S and iPad 2 users could be getting an untethered jailbreak as soon as next week, so now is the perfect time to update iOS and save your blobs!

iPhone 4S owners on iOS 5.0.1 Build 9A406 should download the newest TinyUmbrella and save their blobs right away. We’ve got a tutorial on how to save your SHSH blobs and everything you need to know about upgrading and downgrading your iOS firmware for a jailbreak.

While you can’t use saved SHSH blobs on iOS 5.0.1 to downgrade to anything (as 5.0.1 is Apple’s latest build), it’s important to save them anyway just in case. If Apple releases an iOS 5 update and you accidentally update, you won’t be able to downgrade back to 5.0.1 for an untethered jailbreak.