Code:
2011-12-22 04:43:14.187 [2088:cfc]: device rejected ap ticket (21)
The log indicates you're using a pre-personalized bundle while attempting to restore. It's worth mention that I don't believe this will work. I could be wrong (it's possible they personalize part of the bundle to block the baseband update, though in most cases I thought they actually removed the baseband from the firmware), but I do know that SHSH do not work to restore 5.0.1 because the APticket is generated every boot and is randomized, and the SHSH is based on the APticket, so if you personalize an .IPSW with a 5.0.1 SHSH, it will not restore properly.
Have you used redsn0w to create a firmware without the baseband and attempted to restore to that, without personalizing it, etc.?
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