diff --git a/ChangeLog b/ChangeLog
index 47c408e6028856..03feee0ee728fa 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -1,3 +1,58 @@
+2011.07.05, Version 0.5.0 (unstable)
+
+* New non-default libuv backend to support IOCP on Windows.
+  Use --use-uv to enable.
+
+* deprecate http.cat
+
+* docs improved.
+
+* add child_process.fork
+
+* add fs.utimes() and fs.futimes() support (Ben Noordhuis)
+
+* add process.uptime() (Tom Huges)
+
+* add path.relative (Tony Huang)
+
+* add os.getNetworkInterfaces()
+
+* add remoteAddress and remotePort for client TCP connections
+  (Brian White)
+
+* add secureOptions flag, setting ciphers,
+  SSL_OP_CRYPTOPRO_TLSEXT_BUG to TLS (Theo Schlossnagle)
+
+* add process.arch (Nathan Rajlich)
+
+* add reading/writing of floats and doubles from/to buffers (Brian White)
+
+* Allow script to be read from stdin
+
+* #477 add Buffer::fill method to do memset (Konstantin Käfer)
+
+* #573 Diffie-Hellman support to crypto module (Håvard Stranden)
+
+* #695 add 'hex' encoding to buffer (isaacs)
+
+* #851 Update how REPLServer uses contexts (Ben Weaver)
+
+* #853 add fs.lchow, fs.lchmod, fs.fchmod, fs.fchown (isaacs)
+
+* #889 Allow to remove all EventEmitter listeners at once
+  (Felix Geisendörfer)
+
+* #926 OpenSSL NPN support (Fedor Indutny)
+
+* #955 Change ^C handling in REPL (isaacs)
+
+* #979 add support for Unix Domain Sockets to HTTP (Mark Cavage)
+
+* #1173 #1170 add AMD, asynchronous module definition (isaacs)
+
+* DTrace probes: support X-Forwarded-For (Dave Pacheco)
+
+
 2011.06.29, Version 0.4.9 (stable)
 
 * Improve documentation
diff --git a/doc/index.html b/doc/index.html
index 3146a4d8e2a52f..a3e21bcbec6229 100644
--- a/doc/index.html
+++ b/doc/index.html
@@ -27,6 +27,7 @@
         <li><a href="https://github.com/joyent/node/raw/v0.4/ChangeLog">ChangeLog</a></li>
         <li><a href="#about">About</a></li>
         <li><a href="http://nodejs.org/docs/v0.4.9/api">v0.4.9 docs</a></li>
+        <li><a href="http://nodejs.org/docs/v0.5.0/api">v0.5.0 docs</a></li>
         <br/>
         <li><a href="https://github.com/joyent/node/wiki">Wiki</a></li>
         <li><a href="http://blog.nodejs.org/">Blog</a></li>
@@ -108,11 +109,18 @@ <h2 id="download">Download</h2>
       </p>
 
       <p>
-        2011.06.29
+        2011.06.29 (stable)
         <a href="http://nodejs.org/dist/node-v0.4.9.tar.gz">node-v0.4.9.tar.gz</a>
         (<a href="http://nodejs.org/docs/v0.4.9/api/index.html">Documentation</a>)
       </p>
 
+      <p>
+        2011.07.05 (unstable)
+        <a href="http://nodejs.org/dist/node-v0.5.0.tar.gz">node-v0.5.0.tar.gz</a>
+        (<a href="http://nodejs.org/docs/v0.5.0/api/index.html">Documentation</a>)
+      </p>
+
+
       <p>Historical: <a href="http://nodejs.org/dist">versions</a>, <a href="http://nodejs.org/docs">docs</a></p>
 
       <p>
diff --git a/src/node_version.h b/src/node_version.h
index 56c0d63b9f384b..db1f072e744178 100644
--- a/src/node_version.h
+++ b/src/node_version.h
@@ -28,7 +28,7 @@
 #define NODE_MAJOR_VERSION 0
 #define NODE_MINOR_VERSION 5
 #define NODE_PATCH_VERSION 0
-#define NODE_VERSION_IS_RELEASE 0
+#define NODE_VERSION_IS_RELEASE 1
 
 #ifndef NODE_STRINGIFY
 #define NODE_STRINGIFY(n) NODE_STRINGIFY_HELPER(n)
diff --git a/wscript b/wscript
index cdc1c886a2b81e..277d603bd85c9d 100644
--- a/wscript
+++ b/wscript
@@ -876,7 +876,7 @@ def build(bld):
         , 'CPPFLAGS'  : " ".join(program.env["CPPFLAGS"]).replace('"', '\\"')
         , 'LIBFLAGS'  : " ".join(program.env["LIBFLAGS"]).replace('"', '\\"')
         , 'PREFIX'    : safe_path(program.env["PREFIX"])
-        , 'VERSION'   : '0.4.9' # FIXME should not be hard-coded, see NODE_VERSION_STRING in src/node_version.
+        , 'VERSION'   : '0.5.0' # FIXME should not be hard-coded, see NODE_VERSION_STRING in src/node_version.
         }
     return x