This isn't my idea, I got it off the Hank Parker show. This past Sunday I saved a Mann's 30+ three times, a Picasso chatterbait, and a $5 V&M jig five times. This in addition to all the other lures I've saved since I started using it. So I thought I'd pass it along.
Nothing but a 3oz. sinker that I got in a pack of 3 for around four bucks at Academy and some old snap swivels that I haven't used since I used to take the kids fishing off the bank. I've only lost one of them from it not freeing the bait and having to break off. I just keep it in my pocket and when I get hung up just get over it and clip this on and drop it down. Caution: this only works on lures hung up under water and is of no use for lures up in the trees.