iPhone 5 Camera Glitch

Although the issue is intermittent, I am experiencing this when using the back side camera. It doesn't happen on the front facing camera.

While using the camera app, or even 3rd party apps like instagram or camera+, the camera will turn purple and will hang after a while, then the camera app will restart.

Is this a hardware issue, should i return the phone? or should I just wait for the next iOS update?

Video: http://www.youtube.com/watch?v=npTCr0p71II&list=UUpSe4heH6cP4eIc7786zE3Q&index=1

Photos: https://www.icloud.com/photostream/#A75oqs3q7tVKM