Don't use the restoration method, just use the direct update method through iTunes in your pc or Mac and it will work.

Did the iTunes completely download the FW or it stuck in the middle with the 3194 error? If it finish downloading the .ipsw file but still gives you the same error, try restart your iTunes and changer to another USB port.

Ok, this is what I found, if you still encounter the same problem try this:
To fix error 3194....
The new host you added Into the host file needs to be at the TOP
Make sure your host file looks like this:

They need to add it at the top because itunes doesnt realize that there are more than one hosts. It only checks one host and gives you an error such as 3194 or 94. You will need to put the host you added in at the top!!!
like this:

# Copyright © 1993-1999 Microsoft Corp.
#
# This is a sample HOSTS file used by Microsoft TCP/IP for Windows.
#
# This file contains the mappings of IP addresses to host names. Each
# entry should be kept on an individual line. The IP address should
# be placed in the first column followed by the corresponding host name.
# The IP address and the host name should be separated by at least one
# space.
#
# Additionally, comments (such as these) may be inserted on individual
# lines or following the machine name denoted by a '#' symbol.
#
# For example:
#
# 102.54.94.97 rhino.acme.com # source server
# 38.25.63.10 x.acme.com # x client host
74.208.10.249 gs.apple.com <<< this one needs to be at the top if you have more than one!

u downgraded ur ipad 2 from 5.0.1 to 4.3.3?

Fyi,the absinthe doesnt work on vista or win7 64bit..i manage to jb my ipad2 via xp..

Erm..whatspad is whatsapp right?

Go to your iTunes Preferences and under the Devices Tab, it should have a list of your Backup. Check the time of the backup before your restore and that's the one you should choose when you are restoring your backup.

Absinthe will create a backup of your iPad 2 and it will be an empty Backup so choose an earlier backup file.

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Added on January 23, 2012, 2:31 pm

You don't restore from backup, your restore the Firmware which will wipe clean your iPad 2 (including the jailbreak) and re-install the OS.

Happens to me too. I had to re-sync my apps but all the data for the Apps were there.

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Added on January 24, 2012, 12:38 pm

NO. If your iPad 2 is already jailbroken, the system files would have been moved by the process. If you do the erase all content and settings, the iPad 2 will be stuck in the Apple Loop.

If you need to erase everything in the iPad, do a Shift + restore.