diff --git a/Gemfile.lock b/Gemfile.lock
index 5b5473ca..a4a55eb6 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,7 +1,7 @@
 PATH
   remote: .
   specs:
-    factory_bot_rails (5.0.0)
+    factory_bot_rails (5.0.1)
       factory_bot (~> 5.0.0)
       railties (>= 4.2.0)
 
diff --git a/NEWS b/NEWS
index c32a4abe..c4c40f24 100644
--- a/NEWS
+++ b/NEWS
@@ -1,6 +1,10 @@
 factory_bot_rails versioning is synced with factory_bot releases. For this reason
 there might not be any notable changes in new versions of this project.
 
+5.0.1
+  Bugfix: Avoid watching files and directories that don't exist (to avoid a
+  file watching bug in Rails https://github.com/rails/rails/issues/32700)
+
 5.0.0
   Added: calling reload! in the Rails console will reload any factory definition files that have changed
   Added: support for custom generator templates
diff --git a/factory_bot_rails.gemspec b/factory_bot_rails.gemspec
index 4d9c5f78..8f5115f7 100644
--- a/factory_bot_rails.gemspec
+++ b/factory_bot_rails.gemspec
@@ -1,6 +1,6 @@
 Gem::Specification.new do |s|
   s.name        = "factory_bot_rails"
-  s.version     = "5.0.0"
+  s.version     = "5.0.1"
   s.authors     = ["Joe Ferris"]
   s.email       = "jferris@thoughtbot.com"
   s.homepage    = "https://github.com/thoughtbot/factory_bot_rails"