Found out why mine did not - now need a permanent fix (the temp. fix was easy).
I went into "settings" - "general" - and "date & time"
In that area, the "set automatically" was turned ON, and the time zone was set to Denver (I live 30 minutes or so away from Los Angeles in a city called Riverside... fairly far from Denver). I turned to auto setting off and set my time zone to Los Angeles - but if I try to turn the auto set back on, it immediately changes the time zone to Denver. I'm sure Denver is nice and all.... but I don't live there. Any idea's how I can convince my iPhone that I don't live in Denver?
Interestingly enough - my iPad DID change correctly. Both the iPhone and the iPad are running 5.0.
Take care,
Rob