It is speculated that white iPhone 5 will be available along the black one and now it is confirmed by Apple’s senior vice president of marketing, Phil Schiller through a tweet, where he said:
The white iPhone will be available this spring (and it is a beauty!).

According to some other iPhone 5 rumors, at WWDC 2011 in June Apple will launch iPhone 5, integrated with a 4 inch display screen, slider keyboard, dual core A5 processor (like iPad 2), 64GB model with 32GB and 16GB models, and new design of antenna at the rear of iDevice.

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