The Scotland international, given his chance as Mark Kennedy rested his niggling Achilles injury, scored one goal and made another for Carl Cort as Glenn Hoddle’s side put a serious dent in the Tractor Boys’ hopes of automatic promotion.
Ipswich remain in third place behind Wigan and Sunderland with the Black Cats coming to Portman Road on Sunday, while Wolves made it 14 games unbeaten.
Wolves went ahead with four minutes on the clock. Kenny Miller failed to get on the end of Lee Naylor’s inviting cross from the left and when the ball fell to Cameron racing into the box, he chested it down and smashed it home off the underside of the crossbar.
Seol was causing Ipswich all sorts of problems and Davis came to the rescue again when the Wolves livewire almost sneaked a shot in at the near post, before Seyi George Olofinjana was denied by the busy keeper.
But Davis could do nothing about Wolves’ second goal after 21 minutes. Cameron made another excellent run from midfield and his square ball presented Cort with the easiest of tap-ins.
The visitors enjoyed their best spell around the hour mark but they were unable to break down a determined home rearguard.
: Oakes, Edwards, Craddock, Lescott, Naylor, Seol, Ince, Olofinjana, Cameron, Miller, Cort (Clarke 45).
: Davis, Naylor, De Vos, Unsworth, Wilnis, Miller, Magilton, Westlake (Counago 75), Richards (Currie 45), Kuqi (Scowcroft 45), Bent.
: S Dunn.