Today, Apple has said that the iOS 5.0.1 incremental build will deal with the SIM card issues.
Users, at some point during the day, were receiving an error message that says the SIM card is not valid or a message that says there is no SIM card inside, at all. The error was leaving users without a way to make phone calls through cellular service, or receive texts.
Apple will be pushing the update to all iOS 5 users who haven't yet updated, and the build is 5.0.1 9A406.
The support page says the update should fix the issues that an '"iPhone 4S may have difficulty recognizing a micro-SIM card," and will subsequently display "Invalid SIM" and "No SIM Card installed" alerts or "No Service" and "Searching" status bar messages.'
Instructions via AppleInsider:
Written by: Andre Yoskowitz @ 17 Dec 2011 15:08