Apple is still signing iOS 4.3.5, which means you can still downgrade to this iOS version. It has baseband 4.10.01 that can be unlocked with Gevey Blue Turbo SIM.
IT WORKS EVEN WITH THE NEW ITUNES 10.5 BUT IF YOU ARE HAVING PROBLEMS DO IT WITH ITUNES 9!!!
THIS LINKS WILL SHOW U STEP BY STEP:
http://www.ijailbreak.com/how-to/preserve-iphone-ios-5-baseband/
http://www.ijailbreak.com/iphone/unlock-iphone-4-with-gevey-sim-card-ios5/
Here are the steps:
1. Download iOS 4.3.5 IPSW for iPhone 4 ( THE LINK IS BELLOW).
2. Put your device into DFU mode (YOU CAN PUT YOUR DEVICE ON DFU MODE WITH REDSNOW 0.9.9b5 version that I will also put the link bellow).
When opening REDSNOW CLICK ON ( EXTRAS )
PWNED DFU then YOUR IPHONE WILL BE READY TO RESTORE ON ITUNES WITH THE CUSTOM IPSW FILE that you just downloaded .
3. Connect to iTunes and it will say that your device is in r DFU mode and needs to be restored with command OPTION then click RESTORE ON ITUNES it will open a option to choose the ipsw file
4. Go ahead and click shift+restore (Windows) or option+restore (Mac). Select the IPSW you just downloaded.
5. iTunes will verify with Apple server and begins restoring your device. Once completed you will need the official SIM card to activate it. YOU WILL SEE THAT YOUR BASEBAND IS BACK TO 4.10.01.
IPHONE 4 IPSW FILE LINK
http://appldnld.apple.com/iPhone4/041-1966.20110721.V3Ufe/iPhone3,1_4.3.5_8L1...
REDSNOW 0.9.9b5
http://www.iphoneleaks.net/2011/10/download-redsnow-0-9-9b5-redsn0w-0-9-9-b5-...
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