diff --git a/CHANGELOG.md b/CHANGELOG.md
index c7db5936..16f9d292 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,6 @@
+## 5.0.1
+- Fix migration: retrieve `TOKEN_MODEL` from `knox_settings` instead of Django settings.
+
 ## 5.0.0
 - Tokens created prior to this release will no longer work
 - Fix migration reverse flow, enable migrate 0
diff --git a/knox/migrations/0001_initial.py b/knox/migrations/0001_initial.py
index 822176ea..fd5a5db9 100644
--- a/knox/migrations/0001_initial.py
+++ b/knox/migrations/0001_initial.py
@@ -4,12 +4,14 @@
 from django.conf import settings
 from django.db import migrations, models
 
+from knox.settings import knox_settings
+
 
 class Migration(migrations.Migration):
 
     dependencies = [
         migrations.swappable_dependency(settings.AUTH_USER_MODEL),
-        migrations.swappable_dependency(settings.KNOX_TOKEN_MODEL),
+        migrations.swappable_dependency(knox_settings.TOKEN_MODEL),
     ]
 
     operations = [
diff --git a/setup.py b/setup.py
index ebeb9607..20bc2ee2 100644
--- a/setup.py
+++ b/setup.py
@@ -17,7 +17,7 @@
     # Versions should comply with PEP440.  For a discussion on single-sourcing
     # the version across setup.py and the project code, see
     # https://packaging.python.org/en/latest/single_source_version.html
-    version='5.0.0',
+    version='5.0.1',
     description='Authentication for django rest framework',
     long_description=long_description,
     long_description_content_type='text/markdown',