Even though there is still no working solution for restoring 5.x on iPhone 4S I have released a 5.01.00 so you can at least save 5.0.1 SHSH. I have added tentative support for at least saving 5.0.1 SHSHs for iPhone 4S but as of now we are unable to use them fully.
As soon as more information is available I will update.

The developer of the TinyUmbrella has explained why to save SHSH blobs in details here. Whenever a new firmware comes out Apple stops signing the older firmware which cannot be restored then. But now gdeluxe.com recommended - if you’ve SHSH blobs for a firmware, you can always restore back to that one no matter how many firmwares are released after that.

TinyUmbrella [OSX] : LINK
TinyUmbrella [WINDOWS] : LINK