Having trouble with ios 5

Oct 13, 2011
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Here's my story. Yesterday morning, I downloaded iTunes 10.5 with anticipation of updating to ios 5 later in the day. When ios 5 became available, I plugged in my phone to start the process. ios 5 downloaded properly but when I plugged my phone in, it failed to backup in order to start the process. I was getting error message (-5000). I then tried to manually back it up by right clicking on my iPhone icon on iTunes but only got the message "backup cannot be saved to computer". I did some research and deleted my old backups thinking it would force a backup, but that didn't work either. I uninstalled and reinstalled iTunes, but to no avail. Can someone help me please? THANKS