Detailled instructions to install the v5.0.7.1 firmware are the very same that can be found in Nexus One - how to upgrade to CyanogenMod-5 [stable 5.0.6 version of 04/15/2010] - detailled instructions
extract of the CHANGELOG centered on V5.0.7 :
CHANGELOG
---- 5.0.7.1-N1
* N1: Fix blurry images in Gallery3D
* Common: Color picker and reset-to-defaults option for new UI customizations (Wysie)
---- 5.0.7
* Common: Resync with Google as of 05/20/2010
* Common: New ARM optimizations in Bionic from Jim Huang @ 0xlab
* Common: Superuser 2.1 from ChainsDD
* Common: DeskClock style tweaks from Nathan Zachary
* Common: Email signature support from Jarrett Vance
* Common: Pin-lock and alternate lockscreen framework from _avatar
* Common: Updated Japanese locales from Takuo Kitame
* Common: Added Compcache and rzscontrol to the build
* Common: APN list updated by Paul Weiss, blunden, and PsychoI3oy.
* Common: Downloader allows any file to download - thanks Eddie Ringle
* Common: Kernel updated to 2.6.33.4
* Common: Fix bug with where wrong organization is shown in-call (Boyd Bischke)
* Common: Several kernel patches from Christopher Lais (Zinx) to improve stability and support MT3G Fender/1.2
* Common: Low memory killer was pimped out by San Mehat @ Google. Big interactivity boost especially on D/S
* Common: Updated Phone patches from Cytown (v29)
* Common: Dim the deskclock screensaver colors
* Common: Fixed race conditions and notification bugs in MMS
* Common: Added quick uninstall "Delete Zone" to Launcher and Launcher2 (Ander Webbs)
* Common: Allow widgets in the Launcher default workspace (ported from Launcher2 by Lox)
* Common: Fix race conditions and bugs in MMS app
* Common: Compact drawer can be toggled for Launcher as well as Launcher2 now
* Common: Added squisher script for release builds
* Common: Another lowmemorykiller tweak from Zinx to take cache into account
* Common: Turned off battery percentage display by default
* Common: Added "omni-tether" from Wertarbyte for BT tether
* Common: System built using Zinx's resource-sorter patch for aapt- may provide perf boost
* Common: Patch from Zinx to have background processes holding wakelocks set to a higher OOM kill adjustment (push notify, mms are good examples)
* Common: Number of recent apps is configurable - Bcrook, Pershoot & Wysie
* Common: Ability to disable icons and paths on the lockscreen - Wysie
* Common: Add pand and hidd to the build
* Common: Fix OpenVPN- manifest was using the wrong mtpd
* Common: DeskClock: Add alarm timeout setting (Michael Webster)
* Common: OpenVPN: Select between TAP and TUN interface (Takuo Kitame)
* Common: Various UI element colors are selectable via Spare Parts (Wysie)
* Common: NEON-optimized libjpeg (CodeAurora/Qualcomm)
* Droid: Fix for 50% signal loss reporting bug on Motorola Droid (Boyd Bischke)
* Droid: Disable V8. It was breaking Epocrates and other applications
* Droid: Tweak the haptic feedback to better match stock (Adrynalyne)
* Droid: Enable Dialpad for OTA Activation (nuclear305)
* D/S: Full support for Dream and Sapphire devices (eclair-ds branch)
* D/S: Updated wallpapers and Launcher for MDPI
* D/S: Build various OMX components from source (via CodeAurora)
* D/S: libcamera originally reverse engineered by NCommander
* D/S: Various driver issues causing battery drain were fixed by Zinx
* D/S: disable menu in lockscreen, fix incall mute, speed up the boot
* D/S: raise min cpufreq to 245MHz (Wes Garner)
* D/S: add Prash's bootanimation
* D/S: Using HTC "Turbo Mode" clock settings
* D/S: Fix issues with notification LED on D/S
* D/S: Don't use msmsdcc_sdioirq, this leaves IRQs on all the time which can cause battery drain
* D/S: Fix RIL settings to improve performance
* D/S: Kill logspam from OMX
* D/S: Fixed 3MP camera preview and memory leaks
* D/S: Ship old Gallery app as Gallery3D has too many issues right now
* D/S: Fixed slidelock layout
* D/S: Fixed issue with picking contact for map directions
* D/S: Change oom-killer behavior to be more "swap friendly" if you want to go against everyones advice and use swap anyway
* D/S: Launcher tray images fixed by Prash
* D/S: CPU clock tweaks from Pershoot
* N1: CPU clock and memory tweaks from Pershoot (http://github.com/pershoot)
* N1: Trackball notification color blending option (from Ehud Shabtai http://github.com/eshabtai)