THERE IS A WAY TO FIX THIS...
here are your options, follow and bugs will go away(:
1. disable as much notification apps in the settings.
2. limit the spotlight search options
3. if you really want this to work, delete iCloud account off he iPod.
my iPod works perfectly ever since I removed iCloud and photo stream of my iPod.
4. limit number of apps on the home screen.
5. delete apps running in background so it won't run down your memory.
6. after doing these turn iPod off then on, your device is like a computer so it needs to be turned off a day or two out of the week.
7. (optional) restore and try these steps, that's what I did and it worked, no home screen freezes and purfect iOS functionality.
what I did was I restored, set up without wifi, without locations on, without iCloud, these things will work.
on ios 5.1 released on this upcoming March 9th, the freezing will not be fixed... so FOLLOW THESE STEPS(:
I'm 100% positive this will work..
you guys are welcome(: