After doing that, press the delete button or simply said, just remove the highlighted block any which way you want. It should look like the image below.

After doing that, save it and then open Check for updates. If you did it right and the server is not under maintenance, you will get the following window shown to you containing the information about 5.01 (READ IT FIRST).

Just click Next > and the download will begin.

After the update has finished downloading a window will be shown to you, read it and do what it says.

If you got an error like the one below, just ignore it and click Finish then you can see version 5.01 in your My Folder to My Computer folder inside the folder named 5.01.

This ends this little tutorial on how to apply v5.01 into your MFTMC v5.00. Please don't forget to report any bugs you find.