Yeah, it's 5.1.1 and only works on latest iPad and iPhone 4S.
On iPad there's a little microphone button in the lower left on my keyboard. I just need to press it and say what I need. It doesn't work very well for me though, cause I'm no native English speaker. It doesn't work too well with my accent.
I'll post a screenshot in a bit, I'm using my iPhone 4 at the moment.
Edit: screenshots below...
Following screenshot shows what you get when you press the microphone button...
Next screenshot shows the purple dots in the text field, meaning it's recognizing what you just said...

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