Can i update my iphone if i'm jailbroken?

I have an iphone 4 and i'm on 5.0.1 and i can do the software update right off my phone, so can i update it even though i'm jailbroken? Will i lose my photos and etc? Please i really want to update. Or is there any way to unjailbreak without losing my data?

Updating your iPhone will disable the jailbreak. But you won't lose any data.

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