Notcom has released TinyUmbrella 5.01.00 update that let you allow to save iOS 5.0.1 SHSH blobs and tentative support for at least saving 5.0.1 SHSHs for iPhone 4S.
Download TinyUmbrella 5.01.00 for Windows
Download TinyUmbrella 5.01.00 for Mac
See Also:
How to Save SHSH Blobs Using TinyUmbrella