Update Hider for iOS 5 is a new, completely re-written Cydia tweak by Will Homer (@WillFour20). Unlike the old Update Hider, this one has been designed specifically for iOS 5 and allows you to easily hide App Store updates, also removing their annoying badges. You can also make the hidden updates appear again as easily.
Once you download and install the tweak on your jailbroken iOS 5 device, a new settings pane appears in your Settings app. All you do is press the hide button in the settings application and open up the App Store again to load the updates tab. You’ll see that the app update has disappeared along with the alert badge.
Update Hider for iOS 5 is available for free in Cydia via the BigBoss repo. Take a look at following video demo (via modmyi):