diff --git a/CHANGELOG.md b/CHANGELOG.md
index 51269f0632..28ddfac250 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,13 @@
 # CHANGELOG
 
 
+## v0.5.1 (2024-02-09)
+
+### Performance
+
+* prevent too many permutations during O2 stack optimizations (#85) ([`4dcdd6a`](https://github.com/algorandfoundation/puya/commit/4dcdd6aff6f511ef5a1a20588fb17bbf25cc3875))
+
+
 ## v0.5.0 (2024-02-06)
 
 ### Feature
diff --git a/pyproject.toml b/pyproject.toml
index 772ae9e6e5..ca2cc83340 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "puya"
-version = "0.5.0"
+version = "0.5.1"
 description = "An optimising Python to TEAL compiler"
 authors = ["Algorand Foundation <contact@algorand.foundation>"]
 readme = "README.md"