Turning off the Timezone feature stopped the battery drain on my 4S and it has lasted two days so far on a single charge.
Strange. I have just about everything turned on, auto timezone, bluetooth, wifi, find my iPhone, iCloud syncing, etc, and don't have a battery life issue. Today was my first light day with the phone and now at 6pm it is showing 83% battery life remaining. Most days I use it a lot more that it is below 20% when I plug it in. I am around wifi pretty much all day, so perhaps the bug has something to do with using cell network data.