In iOS5 using storyboard feature I want to create a custom container which will have 2 ViewControllers
embedded in it. For Example, embed Table view controller
There is a way to do it that isn't too hacky. It is described at the following URL for UITabBarControllers, which you could use the first view controller in the list control the first subview, and the second one control the other. Or, you can probably adapt the code to work with UISplitViewController.
http://bartlettpublishing.com/site/bartpub/blog/3/entry/351
Basically, it works by replacing the tabbarcontroller at runtime after iOS has finished configuring it.