So I'm going to sell my iPad 2 to a friend of mine, but he doesn't want to lose 5.01 because he wants to jailbreak it. It is possible to wipe all my data off the device without being forced to restore to iOS 5.1?
The second option would ensure that he retains a copy of your info...
If you trust your friend, sign out of iTunes. Then partner your device with iTunes on another computer. It would be preferred to partner with a fresh/clean install of iTunes. That should remove all your apps, and personal data...