I combined what the OP said and what CNET said:
Head over to Settings, then Location Services, and finally System Services. Right at the bottom youll find a toggle switch for Status Bar Icon. Switch that on, and watch to see if your location icon pops up in the status bar. If it does, we might be on to something. If not, well, follow the rest of the guide just in case.
The second part of the test requires you to now switch off Setting Time Zone. Did the icon disappear? Im betting it did, and if thats the case, youre in luck.
See, it appears that iOS 5′s GM release introduced a bug that causes the Setting Time Zone function to keep the location tracking circuitry running constantly, draining battery power considerably. Switching it off may mean that your iPhone will no longer set its own time zone when you travel, but thats a small price to pay for having your iPhone last more than 12 hours on a full charge.
Leave the rest of the location settings on. Theres no need to cripple such essential functionality, and it appears that the Setting Time Zone option is the one that causes the hit on battery life.
http://listentotristan.blogspot.com/2011/10/iphone-4s-batterygate-fix.html
And holy crapola, i will post screens of the before and after after I run my battery down. But that might take an entire day or two now!
THANKS!!!