NuclearVision wroteHey man,
Mabrouk for the iPad. I think you can do what you want.
I used to do this method when I wanted to downgrade from iOS 5 back to 4.3.3.
I will give you a link.
Do it at your own risk make sure you remember or back up original files
http://gdeluxe.com/downgrade-ios-5-0-to-4-3-3-without-shsh-blobs-saved/
all you have to do is replacing the hosts files with the one you can download from the link, so iTunes will connect to cydiA server and not to apple's and make sure you run tinyumbrella TSS server like in the Tuto.
By the way I don't recommend upgrading to iOS 5 its benefits are lower than bad things it brings.
The most frustrating thing is battery problem I used to use my iPhone for 5hours after iOS 5 it served me for half an hour, an hour at most, on 2G/Wi-Fi .
Hi, no you cannot do what you want, if you do not have SHSH saved for the version you want to downgrade to, then you cannot downgrade.
what are your options:
a- do you have shsh for 4.3.5? if yes, you can downgrade like NuclearVision said and run 4.3.5. no jailbreak.
b- you can update to 5.1 [latest firmware] and wait for a jailbreak.
my advice is to go with "b": update and wait as no1 will be developing a jailbreak for 4.3.5 for ipad2.
edit: explanation of the link provided, this works if by mistake the author had shsh saved with cydia, as you can see from the comments on the post, it does not work with anyone.