You need to use iFaith to cook a custom iPSW frimware . This is possible only if you have shsh blobs saved for iOS 5.0.1.
Download iFaith from : http://ih8sn0w.com
Connect your iPhone and start iFaith.
Select download available shsh blobs in ifaith. This will check for available shsh blobs. Now that you have said that you were already on untethered jailbreak before, I think ifaith would easily get shsh blobs for your version.
Once shsh blobs are downloaded, select the option 'create signed ipsw' in ifaith and wait for a while as this could take upto 10 mins for ifaith to create an ipsw.
Once done follow the instructions on ifaith to enter your device into DFU mode, once you are in dfu mode, ifaith would upload some files into your iPhone and boot your iPhone into Pwned DFU mode.
Now launch itunes and click on restore by holding down the shift key and point itunes towards the ipsw that we created using ifaith.
This should downgrade your iPhone.
If you have any questions feel free to email me.
For more tutorials and guide on jailbreak and downgrade: http://geekyapple.com