diff --git a/CHANGELOG.md b/CHANGELOG.md
index 034fe2b7..e320cd82 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,12 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/) a
 
 ## [Unreleased]
 
+## [5.0.1] - 2022-11-10
+
+### Changed
+
+- Fix the plugin parsing on the CLI so that they are respected.
+
 ## [5.0.0] - 2022-11-09
 
 ### Added
@@ -450,7 +456,8 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/) a
 
 - 🎉 Initial release! 🎉
 
-[unreleased]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v5.0.0...HEAD
+[unreleased]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v5.0.1...HEAD
+[5.0.1]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v5.0.0...v5.0.1
 [5.0.0]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v4.3.0...v5.0.0
 [4.3.0]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v4.2.0...v4.3.0
 [4.2.0]: https://github.com/ruby-syntax-tree/syntax_tree/compare/v4.1.0...v4.2.0
diff --git a/Gemfile.lock b/Gemfile.lock
index d9067ba9..ffbdc5d1 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,7 +1,7 @@
 PATH
   remote: .
   specs:
-    syntax_tree (5.0.0)
+    syntax_tree (5.0.1)
       prettier_print (>= 1.1.0)
 
 GEM
diff --git a/lib/syntax_tree.rb b/lib/syntax_tree.rb
index c2cb3484..418468a9 100644
--- a/lib/syntax_tree.rb
+++ b/lib/syntax_tree.rb
@@ -40,6 +40,10 @@ module SyntaxTree
   # optional second argument to ::format.
   DEFAULT_PRINT_WIDTH = 80
 
+  # This is the default ruby version that we're going to target for formatting.
+  # It shouldn't really be changed except in very niche circumstances.
+  DEFAULT_RUBY_VERSION = Formatter::SemanticVersion.new(RUBY_VERSION).freeze
+
   # This is a hook provided so that plugins can register themselves as the
   # handler for a particular file type.
   def self.register_handler(extension, handler)
diff --git a/lib/syntax_tree/cli.rb b/lib/syntax_tree/cli.rb
index 3975df18..392dd627 100644
--- a/lib/syntax_tree/cli.rb
+++ b/lib/syntax_tree/cli.rb
@@ -377,14 +377,19 @@ class Options
                   :plugins,
                   :print_width,
                   :scripts,
-                  :formatter_options
+                  :target_ruby_version
 
       def initialize
         @ignore_files = []
         @plugins = []
         @print_width = DEFAULT_PRINT_WIDTH
         @scripts = []
-        @formatter_options = Formatter::Options.new
+        @target_ruby_version = DEFAULT_RUBY_VERSION
+      end
+
+      def formatter_options
+        @formatter_options ||=
+          Formatter::Options.new(target_ruby_version: target_ruby_version)
       end
 
       def parse(arguments)
@@ -430,10 +435,7 @@ def parser
           # If there is a target ruby version specified on the command line,
           # parse that out and use it when formatting.
           opts.on("--target-ruby-version=VERSION") do |version|
-            @formatter_options =
-              Formatter::Options.new(
-                target_ruby_version: Formatter::SemanticVersion.new(version)
-              )
+            @target_ruby_version = Formatter::SemanticVersion.new(version)
           end
         end
       end
diff --git a/lib/syntax_tree/version.rb b/lib/syntax_tree/version.rb
index 29a413d9..340bbbdf 100644
--- a/lib/syntax_tree/version.rb
+++ b/lib/syntax_tree/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module SyntaxTree
-  VERSION = "5.0.0"
+  VERSION = "5.0.1"
 end