I understand that you are having some issues with the SlingPlayer for iPad application since you are not able to get the connection ever since you upgraded to iOS5.
If you are using the Slingbox PRO, this application will not work since it does not support the legacy models (Slingbox PRO, Slingbox AV, Slingbox TUNER or the Slingbox Classic). In that case, you will never be able to get the connection.
If you are using the Slingbox PRO-HD, I recommend you to uninstall the SlingPlayer for iPad application and reinstall it one more time. If you do not know how to, just check the following link:
Make sure to follow these recommendations and let us know how it works for you.