Please follow these steps to upgrade your Teams Toolkit to the latest version. You can refer to this to learn about Teams Toolkit v5.0.x features.

Upgrade from Visual Studio Code marketplace (When the official release is published in marketplace)

Upgrade by vsix file

1. Download vsix file from here
2. Open Visual Studio Code and click View->Extension from toolbar.

3. In the extensions management view, install the downloaded extension vsix file.