I fixed the problem and here's how I did it for reference. Note your iPhone will be erased you'll have to fully restore including iTunes reinstalling your apps and do a full sync.
Thanks to all who replied.
1) Make sure you have the latest version of beta 5 from the web site. I had the latest (7A312g) but some people reported they did not.
2) Power off your iPhone but leave it connected to your computer (I have a Mac) and keep iTunes running.
3) Hold down the Home buttons and on/off switches for about 10 seconds until it enters restore mode.
4) Hold down the option key on your Mac while pressing the "Restore" button in iTunes.
5) Select the beta 5 ipsw file and start the restore.
6) Get a cup a coffee, read a book, surf the web since you'll be waiting a while.
I was able to run after that.
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