Now using davidch original steps and attaching the tweaks I made to get me more usage. As shown on page 29.
Go through these steps to address the battery after updating to iOS 5.0.1:
1. Reset all settings (settings app-> general-> reset)
2. Go through initial setup steps (lang, wifi, siri, enable location, etc) and choose setup as new phone (don't worry your apps, data, contacts, mail will still be there). Do NOT restore from iCloud or iTunes (It can copy back corrupt settings)
3. Turn off system location services timezone and iAd
4. Fully discharge battery (till it shuts off with the spinning wheel)
5. Fully recharge battery (overnight if possible)
6. Disable Siri 'Raise To Speak' and REBOOT *( if possible use another camera to verify the infrared is off after the reboot).
7. Set emails, icloud and calendars to fetch. ** test. Mines on hourly.
8. If your in a no signal and your phone is saying "Searching..." even after 10mins, reboot while in that area and after 1-2min it should say "No Service". This mainly applies to Verizon customers and improve battery life in these areas.
9. *optional* Goto Settings > General > Network and you will see "Hotspot.." loading something, wait a few seconds and it should say "setup personal hotspot" then exit out.
* I notice a great improvement after disabling this and rebooting. This increased my "screen on" usage or at least helped it. Make the change.
** I have not tested push yet to narrow down the drain but I had this change on my phone. I believe exchange push is responsible for some stand by drain. As for icloud, haven't notice much of a difference. Just try it for a day. My email still came in fast most times. Again still testing, will report back on these..
davidch, if you want you can amend these additional steps to help everyone get more battery life.