Apple appears to be rolling out 5.01, which includes some bug fixes and purportedly a fix for the battery problems.
Here's what you'll see in iTunes if you check for updates:
iOS 5.0.1 Software Update
This update contains improvements and other bug fixes including:
• Fixes bugs affecting battery life
• Adds Multitasking Gestures for original iPad
• Resolves bugs with Documents in the Cloud
• Improves voice recognition for Australian users using dictation
Products compatible with this software update:
• iPhone 4S
• iPhone 4
• iPhone 3GS
• iPad 2
• iPod touch (4th generation)
• iPod touch (3rd generation)
For information on the security content of this update, please visit this website:
Interestingly, my iPhone didn't seem to do an over-the-air update to this latest firmware, which is one of the cool new features of iOS 5. Maybe the next version will support it? For now, just connect your iPhone or iPad, launch iTunes, check for updates and it'll find it.
Actually, I had a co-worker go into Software Update on the iPhone 4S and he was able to manually update the firmware directly from the iPhone. It was only a 55MB download.