Please keep in mind that all of this troubleshooting took place after a fresh (DFU) install of 5.1.1 and simply enabling my exchange account. My battery life has plummeted from about 20+ hours to less then 5.
After looking at a number of posts, and discussions, and taking it to the apple store, I've narrowed mine down to iOS 5.1.1 hitting our corporate exchange server constantly. See the attached image to see the number of times my iPhone has communicated with our corporate exchange servers. Before I updated to iOS 5.1.1 my phone would communicate about 100~150 times per hour, after the update, on a cellular connection, it would hit it up about 3000-7000 times per hour, when I was on WiFi, it would spike up to 16000 times per hour.

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The time over the weekend where there wasnt any traffic, I disabled my exchange e-mail to save my battery. I've since disabled push e-mail per another thread to see if this alliviates the issues, but this is not an acceptable solution.
--Joe