The new version, called the 0.9.11b1 updates to the latest firmware before downgrading to the earlier one. So if you are relying on unofficial locks on your iPhone 4s, do not use this. You can go to the Dev Team’s blog for more details
How to jailbreak your iPhone 4S and iPad 2 with Redsn0w 0.9.11b1
Note: If you are on iOS 5.1, you might need to downgrade first.
Step 1: Connect your device to Computer and run Redsn0w.
Step 2: Click on Jailbreak to see an info window appear.
Step 3: Now on your phone, Tap on Install then Install now and then click on Next then, Done!
Step 4:Through redsn0w, you shall see another info window.
Step 5: Ignore the VPN errors. After a reboot, you will see a cydia icon in the home screen.
And, you’re done! As, as easy as that!