Has your website ranking and search result been hit by recent Penguin 2.0 update and do you want to recover from it quickly than a new tool by the name Disavow link tool has appeared that can help you get back the lost ranking and visibility.
Using Google Disavow link tool, a website can request Google to not consider their spam and unrelated links any more so that they do not fall under faulty category.
2.3% English searches were affected and websites on other languages were affected even worse. This was because the spamming in other languages is high in comparison to English language.
Penguin 2.0 targets the spammy links or those involved in negative SEO strategy. Paid links, links from poor websites are being heavily punished. SEO have to "no follow" every such link and remove such pages and resubmit the sitemap. Disavow link tool is useful as it simply allows the SEO of the website to stop any suspicious link on their website that can result in penalty.
SEO tactics that includes excessive directories submissions, forum and comment signatures, cheap text link buying and unrelated links exchange have caused the websites their ranking and invisibility from search results.
Disavow link tool is directly connected to Google Webmaster Tool profile. With this tool, Google is giving such spammy websites a chance to remove such links and pages that can result in penalty. Once such links or pages or removed, a website has to bring natural links and unique content so that they can recover from the ranking.
After disavowing all spammy links from your website, you can file reconsideration with Google. Google keeps a history of your links and when you file a reconsideration the present state is matched with past stage. Plus the links at present stage are checked than Google decides about the steps to be taken.
But disavowing links does not give 100% result. Best and only way to come back in ranking is to remove all the spammy links manually and then file reconsideration. Matt Cutts has himself said that "Don't use this toll unless you are sure you need it". Only when there is a small fraction of links to remove a website must use Disavow link tool.