diff --git a/.github/workflows/create-release.yml b/.github/workflows/create-release.yml
index f3e92eba..172d25cc 100644
--- a/.github/workflows/create-release.yml
+++ b/.github/workflows/create-release.yml
@@ -64,7 +64,7 @@ jobs:
     - create-release
     env:
       REGISTRY: ${{ needs.export-registry.outputs.registry }}
-      INIT_IMG_TAG : 0.1.0
+      INIT_IMG_TAG : 0.2.0
     runs-on: ubuntu-20.04
     steps:
       - id: get-tag
diff --git a/Makefile b/Makefile
index 5d113bde..d0bfbef1 100644
--- a/Makefile
+++ b/Makefile
@@ -22,7 +22,7 @@ TEST_CREDENTIALS_JSON ?= $(TEST_CREDENTIALS_DIR)/credentials.json
 TEST_LOGANALYTICS_JSON ?= $(TEST_CREDENTIALS_DIR)/loganalytics.json
 export TEST_CREDENTIALS_JSON TEST_LOGANALYTICS_JSON
 
-VERSION ?= v1.5.0
+VERSION ?= v1.5.1
 REGISTRY ?= ghcr.io
 IMG_NAME ?= virtual-kubelet
 INIT_IMG_NAME ?= init-validation
@@ -34,7 +34,7 @@ E2E_CLUSTER_NAME := $(CLUSTER_NAME)
 OUTPUT_TYPE ?= type=docker
 BUILDPLATFORM ?= linux/amd64
 IMG_TAG ?= $(subst v,,$(VERSION))
-INIT_IMG_TAG ?= 0.1.0
+INIT_IMG_TAG ?= 0.2.0
 K8S_VERSION ?= 1.23.12
 
 BUILD_DATE ?= $(shell date '+%Y-%m-%dT%H:%M:%S')
diff --git a/charts/virtual-kubelet/Chart.yaml b/charts/virtual-kubelet/Chart.yaml
index 531d5bbf..ab1705e8 100644
--- a/charts/virtual-kubelet/Chart.yaml
+++ b/charts/virtual-kubelet/Chart.yaml
@@ -8,5 +8,5 @@ maintainers:
 name: virtual-kubelet-azure-aci
 sources:
 - https://github.com/virtual-kubelet/azure-aci
-version: 1.5.0
+version: 1.5.1
 
diff --git a/charts/virtual-kubelet/README.md b/charts/virtual-kubelet/README.md
index a988fdc1..478b0323 100644
--- a/charts/virtual-kubelet/README.md
+++ b/charts/virtual-kubelet/README.md
@@ -23,7 +23,7 @@ $ cd helm
 2. Install chart using Helm v3.0+
 
 ```shell
-$ export RELEASE_TAG=1.5.0
+$ export RELEASE_TAG=1.5.1
 $ export CHART_NAME=virtual-kubelet-azure-aci
 $ export VK_RELEASE=$CHART_NAME-$RELEASE_TAG
 $ export NODE_NAME=virtual-kubelet-aci
@@ -62,7 +62,7 @@ The following table lists the configurable parameters of the azure-aci chart and
 | image.tag                                      | Image release version/tag.                                                                                            | `latest`                              |
 | image.pullPolicy                               | Image pull policy.                                                                                                    | `Always`                              | 
 | initImage.name                                 | Init container image name.                                                                                            | `oss/virtual-kubelet/init-validation` |
-| initImage.initTag                              | Init container image release version/tag.                                                                             | `0.1.0`                               |
+| initImage.initTag                              | Init container image release version/tag.                                                                             | `0.2.0`                               |
 | initImage.pullPolicy                           | Init container image pull policy.                                                                                     | `Always`                              |
 | nodeName                                       | The node name that will be assigned to be the VK one.                                                                 | `virtual-node-aci-linux-helm`         |
 | nodeOsType                                     | The node/VM type. Values should be `Windows` or `Linux`.                                                              | `Linux`                               |
diff --git a/charts/virtual-kubelet/values.yaml b/charts/virtual-kubelet/values.yaml
index c42c162e..cda3588a 100644
--- a/charts/virtual-kubelet/values.yaml
+++ b/charts/virtual-kubelet/values.yaml
@@ -2,13 +2,13 @@ image:
   secretName: virtual-kubelet-aci-acr
   repository: mcr.microsoft.com
   name: oss/virtual-kubelet/virtual-kubelet
-  tag: 1.5.0
+  tag: 1.5.1
   pullPolicy: Always
 
 initImage:
   repository: mcr.microsoft.com
   name: oss/virtual-kubelet/init-validation
-  initTag: 0.1.0
+  initTag: 0.2.0
   pullPolicy: Always
 
 namespace: vk-azure-aci
diff --git a/docs/UPGRADE-README.md b/docs/UPGRADE-README.md
index 2944edb7..dc68d695 100644
--- a/docs/UPGRADE-README.md
+++ b/docs/UPGRADE-README.md
@@ -11,7 +11,7 @@ Install [Helm](https://helm.sh/docs/intro/quickstart/#install-helm)
 ### Clone the project
 
 ```shell
-$ export RELEASE_TAG=1.5.0
+$ export RELEASE_TAG=1.5.1
 $ git clone https://github.com/virtual-kubelet/azure-aci.git
 $ cd azure-aci
 $ git checkout v$RELEASE_TAG