OK. Got it fixed. Apparently there is a bug in the software that has been confirmed and linked to the Exchange server settings.
To fix till the software is updated:
Settings\Mail,Contacts,Calendars\Exchange
turn off the "Calendars" sync for at least 10 seconds, then turn back on. Apparently this resets the accounts' syncing which is stuck in a continuous loop with the 6.1.1 software bug.
I did this yesterday and phone battery life is back to normal. thank goodness for work-a-rounds. Still have 57% tonight after all days use today. I hope this helps others.