I would like to contribute based on my own experience:
I was also experiencing fast battery drain (compared to my ip4 on ios4, which lost maybe 3-5% overnight). Upgraded to ip4s and ios5 and noticed significantly faster battery drain (18% overnight).
Did some research online and there were bunch of other people complaining of this same issue (on ip3gs and ip4 as well so I knew it wasn't ip4s issue).
Based on what I read, here's what I have done:
1) If you did "restore" when you upgraded to ios5, do it again and set it up as "new phone". I know this is time consuming but I did it to make sure I didn't leave any stone unturned. Just make sure you back up everything before you do this so you can sync back and get all y our contact, notes, photos, etc.
2) I did a hard reboot (hold down the power button and home button together till you see the apple logo).
3) I turned off everything I didn't need from notification and icloud. I still left ON bluetooth, wifi, and bunch of other things like weather and stock widgets.
With above steps taken, I went to bed last night with 90% battery. When I woke up this morning (8 hrs later), my battery was down to 82% (so lost 8%). Slightly more than my old 4 on ios4 but that's to be expected since ios5 does more.
Been using the phone lightly during the day and noticed my battery is holding up quite well. It's almost 1pm now and my battery is at 70%. Pretty much close to what I would've got with my old 4.
I hope this helps someone. 😉