In iOS 4, Apple introduced icon label shadows in the home screen. WinterBoard makes them grey, but it also contained a fix to make the icons white again. However, there are no icon label shadows in that fix. This theme attempts change it back to white with text shadows.

Tested on an iPhone 4S. It should work for all devices.

Thanks to jluce50 from MacRumors.
Link: http://forums.macrumors.com/showthread.php?t=995445

Special thanks to Song Weiyang and Marcus Lim for testing this.