Apple today released iPhoto 5.0.1, an update to its popular digital photo organizational software. According to the release notes, the update “addresses issues with upgrading iPhoto 4 libraries, dragging albums into folders, importing MPEG 4 movies, and also includes a number of other minor fixes.” iPhoto 5.0.1 is available via the Mac OS X Software Update utility. iPhoto 5 was introduced last month at Macworld Expo as part of iLife ’05. Update: The 5.0.1 update is currently not available to all users, according to MacMinute readers.