if you loved the job and your boss can assure you of a contract for a period of time which you are happy with i say go for it, the pros are...you know how to do the job, you love it, your boss obv appreciates your skills, you get a job now instead of hours of tiresome jobhunting. the cons...if you have been made redundant once it could happen again,
ask your boss what measures have been put in place to avoid redundancies. how has the company developed in terms of success since your departure. if there is a vacancy then you assume that they have money to pay for that position!! if your boss is patchy and says "it's a matter of time" or "we are not sure" etc. then i reckon cut your losses and start anew.
now you have time on your hands you can search for a perfect job somewhere else, though it's a lengthy process, you might be able to find a vacancy for another job which you will love and which will be secure.
this prob didn't help...but i've been in your position, although not made redundant, i left and then got offered my job back with more pay...but declined and now have a better job more designed to my career interests! be brave. xxx