Apple today released Find My Friends, a new iCloud-based application that allows users to locate their friends on a map, and share their location with them. The Find My Friends app enables you to share your location with selected contacts, and see where they are  and what they’re up to on a convenient map interface. Find My Friends is integrated with Maps and Contacts, so you’ll be able to find routes to a specific place or check on the location of someone that’s already in your Address Book.

One of the key features of Find My Friends is temporary sharing, a functionality that enables users to share their location with a group of people for a limited period of time. Users can share location for a few hours, days, or weeks, and when the time’s up the app will automatically stop sharing. Users can accept and decline friends requests easily from Find My Friends, and Apple has also implemented Parental Controls for parents who’d like to restrict access to location settings.

Find My Friends can be installed by visiting iCloud.com on an iOS device and tapping on the link to install the app. The iCloud.com website was updated last night, allowing access to everyone with an iCloud account, also removing the “Beta” label from the homepage.

iOS 5 is required for the Find My Friends app. iOS 5 is expected to become available later today. If Find my Friends isn’t showing up in iTunes search yet, here’s the direct link that should become available shortly: Find My Friends

More iOS 5 coverage here.