iH8Sn0w has pushed a new version of iFaith. This new version of iFaith is iFaith v1.4.2 and at this time the changes that are present are not known. One can only assume that bug fixes and stability improvements have made their way into iFaith v1.4.2.
Now for those of you who have never heard of iFaith before, what the tool essentially does is allow you to dump the SHSH blobs on your iOS device to a file on your computer. This SHSH cache file can then be used to create a custom stitched firmware file that will allow you to downgrade to a previous firmware that Apple is not signing.
As Apple has ended the window for users in installing iOS 5.0.1, if you would like to downgrade your firmware from iOS 5.1 back to iOS 5.0.1 with the latest iFaith tool, you can check out this tutorial in case you failed downgrading with Redsn0w.
Download iFaith v1.4.2 (Windows)
Unfortunately iFaith is a Windows only tool and will not work on the Mac OS X operating system.