No, unfortunately there is no way to downgrade or restore an iPad2 to a previous version of 5.x IOS. So 5.0 and 5.0.1 can never be restored to an iPad2 as things stand today. You can only restore the current version, i.e. 5.1.
Because there is no bootrom exploit, iFaith, redsn0w, etc. do not work on the iPad2, hence why we are stuck.
If you happen to have saved SHSH Blobs for 4.3.3 and you don't have a CDMA iPad2 then you can downgrade to 4.3.3 using TinyCFW. We have a tutorial in our hacking guides section. But you MUST have 4.3.3 blobs which you would have had to have saved back in June 2011. If you didn't do this, there is no way round it. And to be honest, each passing day makes 4.3.3 less and less attractive... It's getting a little old now