Short version
Yuna is working on it, we have no release date yet.
Long version
Yuna previously set the
target release date to December 2010. As you can see, it didn't happen. They targeted it again to January 2011, and you know the rest. Yes, we know you can't wait to use Plus! 5 and can't stand using Messenger 2011 without Plus!. Well, some features do work already in the current public release, you can read more about that on
Plus 4.9 on WLM 2011. Which features work and which ones don't.
Now that we've got to the end of January, and Plus! 5 wasn't released, some of you might want some information. As already said and repeated, Yuna is working on it. It's not just a simple compatibility update, it's a whole new version being worked on for months, and because of that there are tons of bugs being solved by now, and repeatedly asking to release it earlier doesn't help. Also, remember it is not just the software being built, a whole new site and forum are also being coded and translated, and there's a whole new structure behind it being made too, Plus! 5 won't be released without those.
So, all you can do is wait. Testers are testing, translators are translating. The fun part is that all you need to do is wait, even if you don't think so. We are sure you don't want to experience the bugs the testers are having, nor using it in a language you don't understand.
There is no point in releasing unfinished software. You will be noticed when it's ready.