If you made a ROTH Conversion in 2010,you can do Recharacterization up to October 17, 2011.

Why do the Recharacterization?
The value of your ROTH Conversion may have decreased drastically, and you do not want to pay the tax on the Converted amount when it is worth much less today. Or perhaps your financial situation has changed for the worse, and you can not afford the taxes.
- If you paid the taxes on your 2010 tax return, you can file an amended 2010 tax return and get a refund of the tax dollars you paid on the Conversion.
- If you elected to spread the tax over 2 years, 2011 and 2012, you can avoid paying the tax on that 2010 ROTH Conversion.

But you really want that money in your ROTH IRA, and the Recharacterization will eliminate that reality.
Well 31 days after the Recharacterization, you can do a Reconversion. There is no income limit for Conversions.
Doing the Reconversion in 2011 you would lose the 2 year tax spread. Taxes on the Reconversion would be due in 2011.

After your Recharacterization of your 2010 ROTH Conversion, another strategy may be to wait until 2012 and do the Reconversion in January 2012. This way you have until October 15, 2013 to do another Recharacterization should the markets slide lower in 2012 or 2013. That is nearly 2 years from now. For the 2012 Reconversion, taxes would be due with your 2012 tax return. And remember, the current tax rates will be in effect through 2012.

If you are considering a Recharacterization of your 2010 Roth Conversion, Time is running out.
The Recharacterization must be completed no later than October 17, 2010.