YMMV, my battery drain issue seems to have been resolved. Some of this may be overkill but it's the general process I typically follow (ever since issues with my iPhone 4S back in the day).
I updated my iPhone to Update 5 and did a hard reset. I monitored the Watch for a couple of hours and believe that I was still seeing a drain issue. I then closed out all apps on my phone and restarted. I then unpaired then re-paired the Watch (requiring me to do some post pairing tasks as described in this thread by others). I then hard reset the Watch (pressed both the crown and second button simultaneously until it restarts and you see the Apple logo). Then I ensured it charged to 100% and monitored the battery percentage.
At this point my Watch battery was back to its typical ~2 day usage before needing a recharge. That was ~ 29 hours ago and my Watch currently shows 36% left. Though note that I am not generally a heavy user on my Watch. What exactly fixed it - I do not know, but this worked for me. Good luck!