This assumes you are a developer, and also assuming your model of ipod touch is going to support iOS 5. (3rd generation or higher)
*****FIRST THING TO DO. Sync and back up your iPod touch before doing ANYTHING else.
1.) Download the iOS 5 GM seed for your model iPod touch from your iOS developer account.
2.) Download the latest iTunes (beta 9) from your developer account. *It must be this version.
3.) Once you have installed this version of iTunes, open the .dmg of the iOS 5 GM, and drag the .ipsw restore file onto your desktop or wherever you want.
4.) Open iTunes, and have your iPod plugged in.
5.) On the main summary page of your iPod touch, you will see a "Restore" button. *You need to hold down the option key while clicking on the restore button. This will let you navigate to the .ipsw restore file from step 3. Select this file to install iOS 5 on your device.
6.) After it's done updating your software, it will ask you to restore the iPod from the backup you just made beforehand. Once that is done you should be all good.
*Note, you're going to need to reinstall the GS viewer on your device, and you're going to need the 4.2 GM seed of Xcode to do so. Download the 4.2 GM seed of Xcode from your developer account. Once it's installed, you need to run the gs viewer xcode project on your device to use it.
If you follow these steps correctly the whole process is easy, just takes a little time.
GraphicWarehouse
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*****FIRST THING TO DO. Sync and back up your iPod touch before doing ANYTHING else.
1.) Download the iOS 5 GM seed for your model iPod touch from your iOS developer account.
2.) Download the latest iTunes (beta 9) from your developer account. *It must be this version.
3.) Once you have installed this version of iTunes, open the .dmg of the iOS 5 GM, and drag the .ipsw restore file onto your desktop or wherever you want.
4.) Open iTunes, and have your iPod plugged in.
5.) On the main summary page of your iPod touch, you will see a "Restore" button.
*You need to hold down the option key while clicking on the restore button. This will let you navigate to the .ipsw restore file from step 3. Select this file to install iOS 5 on your device.
6.) After it's done updating your software, it will ask you to restore the iPod from the backup you just made beforehand. Once that is done you should be all good.
*Note, you're going to need to reinstall the GS viewer on your device, and you're going to need the 4.2 GM seed of Xcode to do so. Download the 4.2 GM seed of Xcode from your developer account. Once it's installed, you need to run the gs viewer xcode project on your device to use it.
If you follow these steps correctly the whole process is easy, just takes a little time.