Give it a couple of days, or try restarting both watch and iPhone and then give it a couple of days. After updates I think the watch and the iPhone talk a lot more in the background than usual. Once all the apps are up to date things settle down.
This has happened to me with previous updates, and it's happening today as well. I updated my First-Gen 38mm AW last night. I wear my watch to bed to monitor my sleep (with the Pillow app), so I usually charge it up to 100% before I go to sleep, and then I put it back when I get in bed at 10:30 or 11. I usually still have 25-35% battery left before I charge it (maybe down into the teens if if I record a workout). Today I am down to 5% after having it on since 11pm last night. I recorded one 45-minute workout.
Ok, so it's the Workout app that's the culprit. I went from 6:30am to 4pm, and my Gen 1 was at 50%. After a 45 min cardio workout I was at 14%.
This update killed my battery if I use my watch for workouts.