Apple customers are just now getting the iPhone 4S into their hands, however, the company’s highly anticipated (and rumored) iPhone 5 may hit the market sooner than later. According to report from 9to5 Mac, Apple is on schedule to ship the iPhone 5 in the summer of 2012. Why didn’t Apple release it earlier, as rumored? CNET said in a recent story that Steve Jobs was heading up the iPhone 5 project, which was met with delays in February, while the iPhone 4S was developed by another team. The iPhone 5 production delays would have made a holiday deadline impossible. As such, Apple was forced to make the final decision to hold the iPhone 5 until kinks in the production line were ironed out. The iPhone 4S team moved forward and released the phone on schedule and in time for the holidays. Rumors still suggest the iPhone 5 will be thinner, lighter and will have a teardrop form factor.