Update 2: The OTA update has appeared after following Apple’s instructions below. Others were lucky and didn’t have to erase all content and settings. Downloading!

Update 1: The OTA update is still making its away out…nothing in Canada for me here at least. Some users have been able to get it. Stay tuned!

Screen thanks to @rfrancey:

Apple has just released iOS 5 Beta 5 to developers. Build 9A5288d comes in at 787MB, along with new beta versions of iTunes, Apple TV software, and Xcode.

Want to install iOS 5 over the air? Here’s how to do it:

To install iOS 5 beta 5 using over the air software update, you must first erase all content and settings on your device by choosing Settings > General > Reset > Erase All Content and Settings. Over the air software update can be initiated on devices running iOS 5 beta 3 and later by choosing Settings > General > Software Update.

More to come…

Thanks to Elise for sending this in!