diff --git a/.gitignore b/.gitignore
index 9d98d60..487c005 100644
--- a/.gitignore
+++ b/.gitignore
@@ -3,3 +3,4 @@ Mako-0.3.5.tar.gz
 Mako-0.3.6.tar.gz
 Mako-0.4.0.tar.gz
 /Mako-0.4.2.tar.gz
+/Mako-0.5.0.tar.gz
diff --git a/python-mako.spec b/python-mako.spec
index 84508b2..5eb236c 100644
--- a/python-mako.spec
+++ b/python-mako.spec
@@ -11,8 +11,8 @@
 %endif
 
 Name: python-mako
-Version: 0.4.2
-Release: 2%{?dist}
+Version: 0.5.0
+Release: 1%{?dist}
 Summary: Mako template library for Python
 
 Group: Development/Languages
@@ -134,6 +134,9 @@ rm -rf %{buildroot}
 %endif
 
 %changelog
+* Tue Dec 13 2011 Luke Macken <lmacken@redhat.com> - 0.5.0-1
+- Update to 0.5.0
+
 * Mon Sep 5 2011 Toshio Kuratomi <toshio@fedoraproject.org> - 0.4.2-2
 - Require beaker to run unittests since its required at runtime
 - Fix license tag
diff --git a/sources b/sources
index 34945e5..6e0065e 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-2ff0747e611b37d44e6409c4e0a80a08  Mako-0.4.2.tar.gz
+2726f95d223fb53120fbb82cd4acb064  Mako-0.5.0.tar.gz