I confirm this again.
This is purely a exchange calendar and ios5 related issue.
If you add your exchange server, select ONLY MAIL.
and then set to download using MANUAL, everything works out fine, battery lives longer as expected.
But we cannot live without PUSH,
We can't be FETCHING exchange emails, when it can PUSH.
Since I am an exchange server admin, I have not seen any performance issues on the server, or stale connections, or any connections with too much data transfer. (in case of PUSH, the phone is always connected to port 443 on the exchange server, that connection has NOT shown any increase in bandwidth, which means that the phone is not requesting too much data from the server, nor is the server trying to push a lot)
This most probably is a bug in ios5, or incorrect cloud or phone connectiity configuration towards apples networks or a memory leak causing the battery drain.
for now i will have to live without push and without calendar, which is rediculous.
for me its low priority because i am eligible for 3gs to 4s upgrade soon.
I hope apple pushes new update soon.
I am expecting that to happen over the air.