As rumored, Apple has just released iTunes 10.5 ahead of tomorrow’s iOS 5 and iCloud launch.

The iTunes page currently says iTunes 10.5 coming soon, but when you click on the Free download link, it takes you to the download page where iTunes 10.5 is available for download.

Here’s the list of new features and improvements in iTunes 10.5 according to the release notes:

iTunes in the Cloud. iTunes now stores your music and TV purchases in iCloud and makes them available on your devices anywhere, any time, at no additional cost.

iTunes now stores your music and TV purchases in iCloud and makes them available on your devices anywhere, any time, at no additional cost. Automatic Downloads. Purchase music from any device or computer and automatically download a copy to your Mac and iOS devices.

Purchase music from any device or computer and automatically download a copy to your Mac and iOS devices.

Download Previous Purchases. Download your past music, TV, app, and book purchases again, at no additional cost. Previous purchases may be unavailable if they are no longer on the iTunes Store.

Download your past music, TV, app, and book purchases again, at no additional cost. Previous purchases may be unavailable if they are no longer on the iTunes Store. Sync with your iPhone, iPad, or iPod touch with iOS 5.

Wi-Fi Syncing. Automatically sync your iPhone, iPad, or iPod touch with iTunes any time they’re both on the same Wi-Fi network.

It is also not available via Software update. You need to go to the iTunes download page (this link) to download it.

Update 1:

iTunes 10.5 appears to be safe for jailbreakers.

Update 2:

iTunes page on Apple’s website has just been updated with iTunes 10.5 info. Please let us know if it is available via Software Update.

Update 3:

iTunes 10.5 will come with the iTunes Match feature built in for users in the US. iTunes Match is a new service that Apple had unveiled along with iOS 5 and iCloud at the WWDC 2011 Keynote address in June. It allows users to store their entire music collection (up to 25,000 songs), including songs that they’ve ripped from CDs or purchased from anywhere else in iCloud.

Update 4:

iTunes 10.5 is still not available via Software Update so please download it directly from the iTunes download page (this link). Thanks Tayaab!

Update 5:

iTunes 10.5 should now be available via Software update. The size of iTunes 10.5 for Mac is 60.9MB (at least for Mac users as Tayaab points out). Thanks Eric!

Update 6:

It is finally available via Software update for Windows users as well. The size of iTunes 10.5 for Mac is 75.47MB. Thanks skywalker!

Update 7:

Apple hasn’t includes iTunes Match support in iTunes 10.5. It is not clear why Apple pulled it, but it looks like users in the US will also have to wait at least until Apple releases a new version of iTunes to enable the feature.

As always, let us know how it goes.