i also experience a dramatically decreased battery lifetime after Upgrade to iOS 5, hoped it will be better with 5.0.1, but I won't.
i have read a lot on this problem and also have dealed with battery problems with my iPhone 3GS and iOS 4 and based on this information, i came to the conclusion that it might could have something to do with iCloud. The problem here is, that iCloud is a push service and that means that it is necessary to permanently check for updates in the background. I have tried once to configure Goole services as Exchange Push service. This worked, but it also drained my battery faster than normal. An after the iOS 5 Upgrade i experience the same situation.
what also might be a problem is an app, which has an, until now, undiscovered memory leak. Such kind of errors can also drain down the battery faster than normal. i think i will try to reset my ipad and just install very few apps on it. Let's see what comes out then.