Is there going to be a ipod 5?
Who knows? Possibly.
the ipod touch 5g release will depend on iphone 5 release date because these are two products which Apple is going to release next, after iPhone 4S Apple is working on both iPod touch 5 and iPhone 5, lets see which comes out first,By the way the it is chance to release iPod Touch 5g in WWDC june 2012
well, apple just confirmed an ipod event on 09/09/09, and its probably going to be released then also, a new nano is probably going to be released the new ipod touch will have these specs: 3.2 megapixel or 5 megapixel camera Mic(Most Probably) More Battery Life GPS Compass More Sensitive Accelorometer
there are many versions of the iPod, such as the iPod touch, Nano, shuffle, and classic. the new iPod touch 5G is rumored to be released in September along with the newest iPhone 5. it is also said that new iPod touch will have a 7-plate 20GB Winchester drive. the other versions had not been rumored for an upgrade and will probably be upgraded at the next WWDC which takes place in June of 2013
If it doesn't already come with it then go to iTunes and when your iPod comes up click "Check for Update" Then the proper update will download and install. If you already have iOS 5 and you want iOS 5.0.1 Then you can update directly from your iPod by going to Settings>General>Software Update to auto check for update.