iOS 5 has brought a number of nice things to JavaScript/Web Apps. One of them is improved scrolling. If you add
-webkit-overflow-scroll:touch;
The only issue with Brian Nickel's answer is that (as user1012566 mentioned) stopPropagation doesn't prevent bubbling when you hit your scrollable's boundaries. You can prevent this with the following:
elem.addEventListener('touchstart', function(event){
this.allowUp = (this.scrollTop > 0);
this.allowDown = (this.scrollTop < this.scrollHeight - this.clientHeight);
this.prevTop = null;
this.prevBot = null;
this.lastY = event.pageY;
});
elem.addEventListener('touchmove', function(event){
var up = (event.pageY > this.lastY),
down = !up;
this.lastY = event.pageY;
if ((up && this.allowUp) || (down && this.allowDown))
event.stopPropagation();
else
event.preventDefault();
});