Updating your installation of vbDrupal is identical to updating a normal Drupal installation.
After copying the new files, simply op the vbDrupal update script: update.php, and follow the on screen instructions.
It is adviced to turn off vBulletin and vbDrupal during updating.
You can simply copy the new files and run the update script.
However, you will need to clean up some of the old 4.7 files and replace all your 3rd party modules and themes with 5.x versions.
As of vbDrupal 5 all stock modules will have their own directory in the modules directory. It is adviced to simply remove all the 4.7 stock modules and directories.
Below is a list of all the files in the modules directory that you should remove.
aggregator.module archive.module block.module blog.module blogapi.module book.module comment.module comment_vb.install comment_vb.module contact.module drupal.module filter.module help.module legacy.module locale.module menu.module node.module page.module path.module ping.module poll.module profile.module search.module statistics.module story.module system.module taxonomy.module throttle.module tracker.module upload.module user.module vbBirthdays.module vbcore\vbcore.install vbcore\vbcore.module vbcore\vbforumblocks.install vbcore\vbforumblocks.module vbcore\vbnode.module vbcore\vbpm.module vbcore\vbpolls.install vbcore\vbpolls.module vblist\vblist.install vblist\vblist.module watchdog.module
Updating from this release is not supported. You should first upgrade to the lastest 4.7 release before upgrading to the 5.x releases. Sorry about that.