It looks like Apple is trying to get this one out there quick. Today, they have released code for iOS 5.1 to developers. This appears to be a minor update that fixes several bugs and updates APIs for iCloud storage. This update is available for the iPhone 4S, iPhone 4, iPhone 3GS, iPad 2, iPad and 3rd/4th gen iPod touch devices. Adam posted earlier this month about possible new features to Siri with 5.1, but I didn’t see any mention about that in the notes.
There is no mention of any battery life fixes, but we have to assume that this issue is high on Apple’s To Do list since iOS 5.01 didn’t seem to do it.