(That's a serious question, BTW. I would check it myself but I can't upgrade to iOS5 until I figure out how to get Windows DEP to stop killing iTunes 10.5 every time I launch it.)
I didn't find that setting screen. Definitely didn't see that in Settings/iCloud. I wonder how you get to that... I only had a chance to briefly look at my roommate's 3GS on iOS 5; won't be on iOS 5 myself until my 4S arrives later today.
http://i.imgur.com/acOje.png
(That's a serious question, BTW. I would check it myself but I can't upgrade to iOS5 until I figure out how to get Windows DEP to stop killing iTunes 10.5 every time I launch it.)