I have been trolling through cydia and repo's searching for IOS 5 ipad themes and I have found some pretty nice complete themes. The first theme I found was pointed out by another member of the forum; Blueipad V2, which now comes with an IOS 5 add-on to combat the icon issues with the IOS 4 version. This theme comes complete with most/if not all Appstore apps, although the majority of Cydia apps remain unchanged; Cydia icon itself has been themed, along with iFile, Winterboard and a few select others.
The folder backgrounds have also been themed with a nice black mesh effect, same as the active apps dock. The music player, settings menu and Safari have also had subtle modifications, making this theme a complete all rounder. Custom sounds for mail, lock and boot have also been added; basic sounds but a refreshing change from the native presets.
As mentioned, this theme comes with an IOS 5 add-on, which can be found by searching Blueipad V2 in Cydia. Here's a few screen shots, showing the icon changes, lock screen number pad and loading screens. The loading screens come in two variations and I have selected my personal choice for this review.
As you can see, an all round pretty sleek theme, and most importantly, it's IOS 5 compatible.