The key issue seems to be with iOS5 bug with location services. Irrespective of iPhone4S or iPhone4 or iPad the battery will drain out fast if the device is having iOS5.
Here is the setting tip as discussed in the post here
The other less severe list of other possible settings (Note: Most of items in this list cannot be turned off as we loose the functionality of “Smart Phone” as such .. so use at your discretion and preferences of features)
Turn off – Wi_Fi, Vibrations, All Location Services, iTunes Wi-Fi sync, sending Apple diagnostics, iCloud and push notifications.