iOS 5.0.1 is out...rolling out the OTA, but it eventually showed up on my phone. My problems in the past were intermittent, with a HOT phone and serious battery drainage. I downloaded a CPU monitor and noticed that it would jump to 100% usage during the battery drain. Turning on airplane mode, then turning off 3G and cellular data services, then reversing those did the trick for a number of hours.
My new test: I checked it every 30 minutes for 4 hours. It was not on the charger, only resting on my desk. Here's what I have so far for the 4-hour period immediately following the update to iOS 5.0.1 (iPhone 4 ATT, brightness at 50%, wifi on, BT on, location on, Cellular Data on, 3G on, push on, iCloud on -- phone sitting off on my desk, not being used -- turn on screen every 30 minutes to check progress then back off):
9.15AM EST: 100% battery, CPU >80%
9.45AM EST: 98% battery, CPU <10%
10.15AM EST: 97% battery, CPU <10%
10.45AM EST: 96% battery, CPU <10%
11.25AM EST: 94% battery, CPU <10% (checked on this one a few minutes late!)
11.45AM EST: 94% battery, CPU < 10%
12.15PM EST: 92% battery, CPU <10%
12.45PM EST: 92% battery, CPU <10%
1.15PM EST: 90% battery, CPU <10%
After I checked at 1.15PM EST, I checked a few emails and it dropped another point to 89%, but stayed there after 3 minutes of web surfing. Cool to the touch, as well.
Fixed? Possibly...too soon to tell, but definitly SEEMS like it worked for me.