diff --git a/Cargo.lock b/Cargo.lock
index a91b1554dd..0ef1ac477b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2394,9 +2394,9 @@ dependencies = [
 
 [[package]]
 name = "regalloc2"
-version = "0.5.0"
+version = "0.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "10b072c75d1b10368447a55cf1d589f2527d956e92c281c81c3e788cda81b983"
+checksum = "300d4fbfb40c1c66a78ba3ddd41c1110247cf52f97b87d0f2fc9209bd49b030c"
 dependencies = [
  "fxhash",
  "log",
diff --git a/cranelift/codegen/Cargo.toml b/cranelift/codegen/Cargo.toml
index 580af31d22..476034a6ed 100644
--- a/cranelift/codegen/Cargo.toml
+++ b/cranelift/codegen/Cargo.toml
@@ -25,7 +25,7 @@ serde = { version = "1.0.94", features = ["derive"], optional = true }
 bincode = { version = "1.2.1", optional = true }
 gimli = { workspace = true, features = ["write"], optional = true }
 smallvec = { workspace = true }
-regalloc2 = { version = "0.5.0", features = ["checker"] }
+regalloc2 = { version = "0.5.1", features = ["checker"] }
 souper-ir = { version = "2.1.0", optional = true }
 sha2 = { version = "0.10.2", optional = true }
 # It is a goal of the cranelift-codegen crate to have minimal external dependencies.
diff --git a/supply-chain/audits.toml b/supply-chain/audits.toml
index 51b300ac41..abea637eac 100644
--- a/supply-chain/audits.toml
+++ b/supply-chain/audits.toml
@@ -432,6 +432,12 @@ criteria = "safe-to-deploy"
 delta = "0.4.2 -> 0.5.0"
 notes = "The Bytecode Alliance is the author of this crate."
 
+[[audits.regalloc2]]
+who = "Trevor Elliott <telliott@fastly.com>"
+criteria = "safe-to-deploy"
+delta = "0.5.0 -> 0.5.1"
+notes = "The Bytecode Alliance is the author of this crate."
+
 [[audits.rustc-demangle]]
 who = "Alex Crichton <alex@alexcrichton.com>"
 criteria = "safe-to-deploy"
diff --git a/winch/codegen/Cargo.toml b/winch/codegen/Cargo.toml
index a59f4628de..b24510ca8d 100644
--- a/winch/codegen/Cargo.toml
+++ b/winch/codegen/Cargo.toml
@@ -17,7 +17,7 @@ target-lexicon = { workspace = true, features = ["std"] }
 # In the next iteration we'll factor out the common bits so that they can be consumed
 # by Cranelift and Winch.
 cranelift-codegen = { workspace = true }
-regalloc2 = "0.5.0"
+regalloc2 = "0.5.1"
 
 [features]
 x64 = ["cranelift-codegen/x86"]