How to Enable Assistive Touch to Access Home Button from Screen in iOS 5:

Got to Settings -> General -> Accessibility. Scroll down to bottom and tap on “AssistiveTouch” option. Set it ON to activate the option.

After setting AssistiveTouch to ON, you will see a transparent round button at the bottom right of the screen. Tap on that round button to bring the touch menu.

You will find the Home button option that works just like as the physical home button.

Hope, latest iOS 5 AssistiveTouch feature will bring the intended results.