diff --git a/RELEASE_NOTES b/RELEASE_NOTES
index bc6dabc8..d5d63b70 100644
--- a/RELEASE_NOTES
+++ b/RELEASE_NOTES
@@ -1,6 +1,17 @@
 This file contains a description of the major changes to the EESSI test suite.
 For more detailed information, please see the git log.
 
+v0.5.1 (30 January 2025)
+--------------------------
+
+This is a bug fix release of the EESSI test-suite
+
+Other updates:
+* Update to release workflow instructions (#232)
+* Document how to use a different version of the config files when using `CI/run_reframe.sh` (#235)
+* Bump the use of the default ReFrame version for period tests that use `CI/run_reframe.sh` to ReFrame 4.7.3 (#236)
+* Make `CI/run_reframe.sh` use the latest release of the test suite as default version (#237)
+
 v0.5.0 (23 January 2025)
 --------------------------
 
diff --git a/pyproject.toml b/pyproject.toml
index 1a11911c..361d70d4 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -24,4 +24,4 @@ include = ["eessi*"]
 version_scheme = "guess-next-dev"
 local_scheme = "node-and-date"
 write_to = "eessi/testsuite/_version.py"
-fallback_version = "0.5.0"
+fallback_version = "0.5.1"