According to Apple, “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.”
In order to get iOS 5 betas, as well as iTunes 10.5, you need to be a registered Apple developer.
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