Here is the Google Penguin Updates we have seen from last few months
Penguin 1.0: April 24, 2012 - 3.1% of queries
Penguin 1.2: May 26, 2012 - less than 0.1%
Penguin 1.3: Oct. 5, 2012 - 0.3% of queries
Penguin 2.0: May 22, 2013 - 2.3% of queries
Penguin 2.1: Oct. 4, 2013 - 1% of queries
In this article, we are covering a step by step process to recover from Google penguin 2.1 latest update
Step 1: Take a Complete Backup of Your Website Backlinks
If your website is in penguin update, so find out all your backlinks and find out the bad and low quality links.
Step 2: Clean up Links
List out all low quality links and send a webmaster request to remove your site link and this step is mandatory
Step 3: Use Disavow Tool
Check all the remaining links and add it part of disavow tool by following Google guidelines.
Step 4: Reconsideration Request Process
File a reconsideration request if you find a message in Google webmaster tools like a manual penalty. If not please ignore this step
By Google crawling of disavow tool, helps your site rankings back. Only when this process is accurate in cleaning up of low quality links.