watchOS 5.0.1 (build 16R381) is an official Apple over-the-air update for the Apple Watch Series 2 (38mm), released on 2018-09-27T20:08:14Z. The update package is 962.25 MB. This is a delta (partial) update that requires 3.1.1 already installed. This update is no longer signed by Apple, meaning it can no longer be applied on-device through Settings.

Payload file: 6d603594933e883617185d2deb77a085173697e0.zip.