Security Warning: Anyone can bypass the Password to access contact list, make calls on iOS 5.0.1. The phone has a lot of your privacy, you certainly not willing anyone to see them openly. If you are using the iPhone and upgraded it to the iOS 5.0.1, then unfortunately, your privacy exists a serious security issue.
Recently, a Major iOS 5 Security Flaw discovered in the iOS 5.0.1 by Safwan Saba, and which has be verified by iPhoneIslam. This bug lets anyone can bypass your passcode protection to access the contacts list, make calls and send emails. So your password is non-existent, privacy exposed.
The major iOS 5 security flaw of iOS 5.0.1 demoed in the below video by Safwan Saba.
We can see the in demo video, he first bring up the iPhone’s SIM card, then insert it, then open a missed call notification when the network is searching. and repeat several times to bypass the lock-screen password. The video also suggests operating in the poor signal place will be more time-saving.
For such a serious security issue, currently no fix, but Apple will certainly patch this bugs in the soon-be-released iOS 5.1 firmware pubilc version in March.

hey guys
watch more video about this on my channel
http://www.youtube.com/user/sabasafwan
and
follow me on twitter :
https://twitter.com/#!/safwansaba