Like so many other consumers have reported, I experienced an alarmingly rapid battery depletion on my brand new iPhone 4S. It was quite a relief to finally identify and rectify the problem. I didn't have to disable valuable phone features, delete/recreate email accounts, drain my battery completely, or perform a hard reset. In my case, the solution was actually quite easy and painless.
While there have multiple causes and solutions reported, issues related to Location Services seem to be the most common culprits of the accelerated battery drain problem. I've seen many reports specifically about the Time Zone function being the cause, but it was something a little different in my case. And while the specific cause may be slightly different in your case as well, the following information may help you to easily identify what that is.

If you don't already have the location services icon turned on, I would strongly encourage you to do that by going into Settings » Location Services » scroll to the bottom » System Services » scroll to the bottom » enable Status Bar Icon. You can see a sample of the icon in the image to the right. With the Status Bar Icon enabled, you will see the purple icon momentarily appear between the time and the Bluetooth icon at the top of the screen whenever an app is identifying your location. You will know there is a problem if you see that the icon is remaining there. In that case, you'll want to go into Settings and locate the offending app in Location Services. This is precisely how I identified the problem on my iPhone.

In my case, when I went to location services under settings, it was apparent that the offending app was actually Siri (although the status icon appears gray in the image to the right, it was stuck in purple when I discovered the problem). I powered-cycled my iPhone thinking that would clear it up, but surprisingly it didn't. So I reluctantly proceeded to turn location services off for Siri. It was clearly hung up for some reason, which would understandably cause a serious drain. I could practically hear my battery release a great sigh of relief while I immediately saw a substantial improvement in power conservation. Hoping that I wasn't going to have to live with that setting disabled, I later held my breath and turned the setting back on. Thankfully, the battery life has been great for several days straight.
It seems quite possible to me that any of the LS-enabled apps might cause this sort of hang, so don't limit your attention to Siri or the Time Zone setting.
This may actually be an iOS5 issue rather than just an iPhone 4S issue. It's been reported on iPhone 3GS devices running iOS5 too.
Please be sure to post your comments below to let me and others know if this solution worked for you.