This my post earlier. you're not the only one. Thousands is having that issue after updating to 5.0.1 some even without updating.
I think I have cracked it. I have read every post and comments and tried and every possible fix. Does not work. I'm using iPhone 4S 16gig bought from Melbourne, use in Cambodia carrier Mobitel.
Issue, no signal. 3G come and go. I have to on and off to get back signal sometime aeroplane mode on and off. My iPhone is useless. It was fine on 5.0 problem only exist after I update to 5.0.1.
I tried my GF sim card and everything works fine, signal is full. I switch back to old sim problem come back. Today I went to the carrier and get me a new sim (does not matter 32k or 128k, they only have 32k btw, same sim I used before) And now, its fine. Its been 3 hours now. Normal I have no signal every 15-20 min I have restart and attempt to call someone to get back signal. I think when 5.0.1 was installed, something in the OS messed up the sim card. However that sim card still works fine on iPhone 4/3GS and other phone.
I know some people have tried this and still have that issue. I know your frustration. If issue still persist, keep trying different sim cards. You will see the different. I hope it works for you. Now for me I am inclined to not update software without prior research on forums.
iPhone 4S from Phnom Penh, Cambodia.