There seems to be a real performance issue going on with the new IOS5 upgrade on iPad1.
Its true if you delete iCloud account and do a hard restart, the RAM usage increases. When further investigated with the processes running in my iPad, found that the memory is not cleared properly after closing the app.
For Example,
1) My Free RAM before opening Safari = 64 MB
2) Free RAM after opening Safari = 23 MB
3) After closing Safari Free RAM = 45 MB (There is a big difference of nearly 20 MB of memory not getting cleared by the new iOS 5 apps and this memory never gets cleared resulting my available memory at only 45 MB which further goes down to 3 to 4 MB causing major delay in every operations). Proper garbage collection needs to be in place.
The above problem seems to be happening from all Apps from the Apple. Apps like Mail, Safari takes lot of memory and just doesn't clear the memory used properly. Try to open anyother app like AngryBirds or other apps from trusted app providers and close them by double clicking the Menu button, this will release few 10MB to 15 MB which was not cleared by the Apple applications.
Awaiting a fix for better performing iOS.