I am sure you can, but you should use the latest redsn0w. See
http://blog.iphone-dev.org/tagged/redsn0w
Also, on 4.3.5 you will get a tethered jailbreak, which is a pain. It is strongly recommended to upgrade to 5.0.1 and get an untethered jailbreak.
Use the latest redsn0w to read off the SHSH blobs before upgrading, then you can probably go back to 4.3.5 if for some reason you regret the upgrade to 5.0.1 (although the differences are not that great).