New in iOS 5: Creating Custom Labels For Page Elements
One of the most useful features for VoiceOver users in iOS 5 is the ability to create custom labels for page elements. Not only can you use this to create more concise and intuitive labels for buttons, but you can also do the same for other page elements such as image placeholders and page headers. You can even rename app icons.
Creating a custom label is simple. First make sure that VoiceOver focus is on the desired page element. Next, do a two-fingered double-tap on the screen, keeping your fingers pressed to the screen at the end of the second tap.
You will hear a short series of audible alerts, and then a text box will appear containing the existing label. Edit this as required, and double-tap on 'Save'.
Don't use the 'Done' button on the keyboard, as this does not seem to save the newly created custom label.