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If you mean on the phone, this is part of 5.1 firmware (done with iPhoto I believe)
But most say it is very buggy
 
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If the OP is asking for what I think he is, I'd like to see that same 5.1 capability on a jb 5.0.1. My clean iPad 2 can delete the Photo Stream but it's still stuck on my iPhone 4.
 
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