I am getting an Ipad 2 currently on 4.3.1 JB , It has the blob file needed to downgrade but is it possible (if I went to 5.0.1)?? A google search didnt help me (sorry if I missed something obvious)
You seem to be confused. The only version of IOS which can be jailbroken for iPad2 is 4.3.3. It is very important to get the version numbers correct! ;D
IF the iPad2 you purchase has 3G AND 4.3.3 AND you have saved blobs for 4.3.3 AND it is not a CDMA model, then you can use TinyCFW to build a custom firmware which will restore 4.3.3 any time in the future, even if you move to 5.0.1. We have a tutorial here - http://www.ipadforums.net/jailbreak...-restore-4-3-3-ipad2-3g-saved-shsh-blobs.html
If the iPad2 is WiFi only, you can restore using saved blobs any time using TinyUmbrella.
You used the leaked version of the jailbreak which was never officially released to the public via jailbreakme.com then. A number of desperate folks did this and never bothered to update to 4.3.3 which would have been the wise thing to do.
Regardless of this, 4.3.1 has never been supported for JB on iPad2 AFAIK, which was the OPs statement. .