Originally Posted by
LtKernelPanic
Nope. Once a jailbreak for iOS 6 is released you likely will be able to but don't expect to be able to do so anytime soon.
Even with a iOS 6 jailbreak, you won't be able to downgrade a 4S to 5.1.1 if you haven't saved the blobs before. The software will not be able to be installed on the device without them.
Everything before the 4s you could, but the new chip in 4S changed everything.