OS 5.0.1 Update Causing SIM Failure?

I updated my OS 5.0 to the new 5.0.1 yesterday and ever since I get these messages "SIM Failure". My phone goes to "No Service" and I have to turn the phone off and back on again to get service. Is anyone else having trouble with this and, if so, does anyone know if there is a fix?

Good news.  There is a fix.  I had the same problem since the 5.0.1 update. Phone techs - including level 2 - knew nothing about it.  But at my local Verizon store a manager did have SIM failure information in his database.  He undertook a fix which seems to have solved the problem.  He explained the error has to do with (non)activation of the SIM card when the phone was first set up.  It was not activated at that time.  When 5.0.1 searched for an activated SIM card, because it was not activated earlier, the error message appeared.  The manager activated the SIM card this morning and the problem has not occurred again today.   

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