Not only is this menu hard to find, but it tracks your whereabouts. It's worth turning off if you're 1) doing something you don't want someone to find out about and 2) if you ever lose your phone, because someone could use the information kept to harm you.
Here's how to find it:
Go to Settings, Privacy, and Location Services. Then go to System Services and find the Frequent Locations menu. There, you will see your home address and basically anywhere you've been recently, from malls to restaurants to your friends houses. OMG!!! Not cool Apple!
If you click on a location, it will also show when you got there and when you left.
Here's how to turn it off:
First, clear the history under the Frequent Locations menu, then turn off the Frequent Locations option.