Hi. I don't have an iOS 5 device (I only have an iPhone 3G with iOS 4.2) but I'd like to help. Battery life and signal are the two most important in a phone coz' it some cases lack of these or one of these meant life or death, James Kim come to mind (may eternal rest be granted to the soul of James Kim) and the weather in cold countries/states are now very fatal sometimes.
I have a strong feeling it's more of a GPU issue (a little bit of on the dual CPU perhaps). iOS 5 since it may be based on Lion 10.7 or 10.7.1 which is known to make some Macs hotter and that means it's processing things unnessarily even during sleep mode. If in sleep mode it's doing unnecessary processing, even more so when it's in use.
I don't think it's a battery manufacturing, SIRI, location features. The GPU and CPU algorithms must be checked what's it's doing during sleep mode and when it's being used. We must remain patient, an update should be able to fix it (it'll probably be based on 10.7.2 which had fixed most of the fatal bugs in 10.7 and 10.7.1).
That unecessary process I feel is the iOS 5's new Find My Friends or a similar new feature/Apple app which could be turned off but might not actually be turning off and it's constantly checking (an anlogy would be a Wi-fi router for wired ADSL, if you turn off Wi-fi, the ping in the computer where it's connected usually decreases because the Wi-Fi it's not sending out nothing anymore. All the bandwidth becomes focused on the connected computer) it's surroundings, if it needs to be used and if friends are nearby. Since iOS 5 has a lot of new features that make it possible to be untethered, the problem could be focused on the new features. It may be inefficient algorithm on the new dual antenna switching, My Friends, AirPlay Mirroring, Wi-Fi syncing (Wi-Fi and AirPlay could be the two best culprits if it's an app since since they're battery hogs and are quite similar. If you turn it off I think it's actually still ON).
But usually if see it turn OFF in the GUI, it's really turned OFF. It should be something that can't be turned off that uses a lot of decision making and should be ON all the time. This could only be the dual antenna software/algorithm.
I also strongly feel it's the algorithm on the new dual switching antenna under 3G which contantly uses processing power to find the best signal. In short any new feature that's related to being wireless that has the algorithim what to do with the contant data it's receiving is not really turning off even if you switch that feature off. The dual antenna algorithm is probably using the dual core unnecessarily and the algorithm may not be that clever which will take up more time and power when it's trying to decide which antenna to use. An analogy on this is a CT scan of someone who has mastered a subject (a genius) vs. an average thinker, the average thinker had to use more parts of its brain and thus more energy to solve a problem compared to the genius who almost instantly know the answer.
To isolate if it's really the antenna's algorithm, if you can switch to EDGE and switch off Airplay, wifi-sync, Find My Friends. If the power is relative to how power should last under EDGE (if iOS 5 still has EDGE) then it's probably one of the new features, new apps that's related to wireless connection.
Prayers and hardwork for a fix on this. If you're on a long journey, get an extra very cheap phone so you can still call in emergencies if you run out of battery. Thank you for your time.
Gbu.