I don't take any credits as this was done by me but instead I have found it on a thread on XDA.
Please Read Before you Proceed :
- This is only for Xperia Neo/Neo V running ICS 4.0.4(not 4.0.3) with firmware version 4.1.B.0.431.(Those having firmware version 4.1.A.0.562 follow only step 3 or wait for your phone)
- I don't take any responsibility of your phone and you are rooting your phone at your own risk. (I have done the same and nothing has happened. The chances of something bad happening is only 5%)
- Read each and every instruction carefully.
- Flash 4.0.4(4.1.B.0.431) ICS and boot phone.
- Flash kernel from 4.0.3(4.1.A.0.562) ICS and boot phone. Flash only kernel, don't wipe anything!
- Download DooMLoRD's Rooting Toolkit for Xperia 2011 ICS [FW:.562]: http://forum.xda-developers.com/show....php?t=1601038
Read instructions and root your phone
- Flash back kernel from 4.0.4(4.1.B.0.431) ICS. Flash only kernel, don't wipe anything!
- Congrats!!! Your phone is rooted. Now you can enjoy as much as you want with your rooted phone.