Here are the regs as of Nov 2010:
Section 1- Definitions
1.2 Bay Island – the islands of Prudence, Patience, Hope, Dutch, East & West
Island (off Sakonnet Point), Little & Big Gould, and Hog.
Section 29 - Area Specific Regulations
29.1 Bay Islands
29.1.1 Camping in the Bay Islands is prohibited
If you dont get caught, I'd assume it'd be okay.