If it is any consolation my iPhone (3Gs, running iOS 5.0.1) freezes or lags as well. I don't think that reinstalling the app will solve your problem. Try rebooting the phone, turn completely off and back on, if you have not tried this since installing the app or updating your iOS.
The GB app needs to be updated to run with the iOS5 software. Hopefully, when this is done, most of the problems will subside. I do not know when this will take place. Some of the problems, previously noted by other users, can be seen at the bottom of the "GB Help" Thread.
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Regards;
Danny 
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