How to update the iOS on my jailbroken iPhone 3gs?

I bought my friend's old iPhone 3gs about a year ago and had to get it unlocked as I wanted to keep my number on the Tesco network. This also meant I had to get it jailbroken, which meant I couldn't update the iOS. This was fine at the time but now I can't get a lot of new apps as my iOS is out of date.

My iOS is version 4.1 but I'd like to update it to at least 5.Is this possible and how?

You can do it through itunes but it will erase eberything on your phone and take away the jailbreak if you do this be sure to backup
Everything and make sure you also have redsnow to jailbreak it again

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