Update 1: iOS 5 Final version has been released for Download and Jailbreak - Click Here
As reported by International Business Times that next generation of iPhone (iPhone 4S / 5) will drop on September 7th and coming along for the ride with it will be iOS 5.
iPhone adherents will seethe with anger if their phone doesn’t tally up to the competitions’ range of Android OS-based phones as early as possible. Apple must have found it difficult to contend with the allegation that most of the rumored iPhone 5 features are already on Android OS-based devices.We are not sure form this as it's not official so far. But we have to say that earlier rumors from another sources pointed to the same date. Anyway let's wait and see.