Today I updated iTunes to version 10.5
It starts up correctly, but when I connect my iPhone4, iTunes is blocked and the spinning wait cursor is showed....
When I disconnect iPhone, iTunes works fine....
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Downgrade to 10.4.1 or 10.5.1 / 10.5.2 which where pretty stable.
I don't know if you have Win or Mac, but here are the links:
iTunes 10.* for Windows: http://www.filehippo.com/download_itunes/
iTunes 10.5.1 for Mac OSX : http://appldnld.apple.com/iTunes10/041-3230.20111114.bNft5/iTunes10.5.1.dmg