Wirelessly posted (Mozilla/5.0 (iPhone; U; CPU iPhone OS 4_0 like Mac OS X; en-us) AppleWebKit/532.9 (KHTML, like Gecko) Version/4.0.5 Mobile/8A293 Safari/6531.22.7)
If both iPhones are using the same iTunes account, then yes. You simply "re-purchase" the same subscription on the other iPhone, then it will say something like you've already purchase so re-download it blah blah blah.