Hot on the heels of the iFaith update from iH8sn0w that made iOS 5 SHSH blobs usable, the DevTeam is working on updating RedSn0w to do something similar.
Just a few minutes ago, iPhone DevTeam member MuscleNerd tweeted that an upcoming release makes both TinyUmbrella and Cydia blob saves useful for iOS 5.0+. This is great news for would be downgraders...