diff --git a/Makefile b/Makefile
index 38a2ecaee4..7da53ed576 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ GIT_TREE_STATE=$(shell if [[ -z "`git status --porcelain`" ]]; then echo "clean"
 DOCKER_PUSH?=false
 DOCKER_BUILD_ARGS?=
 IMAGE_NAMESPACE?=quay.io/numaproj
-VERSION?=v1.2.0
-BASE_VERSION:=v1.2.0
+VERSION?=v1.2.1
+BASE_VERSION:=v1.2.1
 
 override LDFLAGS += \
   -X ${PACKAGE}.version=${VERSION} \
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index 4d55da9503..45d484f260 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Numaflow",
-    "version": "v1.2.0"
+    "version": "v1.2.1"
   },
   "paths": {},
   "definitions": {
diff --git a/config/advanced-install/namespaced-controller-wo-crds.yaml b/config/advanced-install/namespaced-controller-wo-crds.yaml
index 6a3a68b396..5b83866015 100644
--- a/config/advanced-install/namespaced-controller-wo-crds.yaml
+++ b/config/advanced-install/namespaced-controller-wo-crds.yaml
@@ -306,7 +306,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0
+          value: quay.io/numaproj/numaflow:v1.2.1
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -347,7 +347,7 @@ spec:
               key: controller.leader.election.lease.renew.period
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
diff --git a/config/advanced-install/namespaced-controller/kustomization.yaml b/config/advanced-install/namespaced-controller/kustomization.yaml
index a019d98761..bf63c79540 100644
--- a/config/advanced-install/namespaced-controller/kustomization.yaml
+++ b/config/advanced-install/namespaced-controller/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0
+    newTag: v1.2.1
 
 patches:
   # For release scripts
@@ -28,7 +28,7 @@ patches:
               - name: controller-manager
                 env:
                   - name: NUMAFLOW_IMAGE
-                    value: quay.io/numaproj/numaflow:v1.2.0
+                    value: quay.io/numaproj/numaflow:v1.2.1
   - patch: |-
       apiVersion: v1
       kind: ConfigMap
diff --git a/config/advanced-install/namespaced-numaflow-server.yaml b/config/advanced-install/namespaced-numaflow-server.yaml
index 10573e2a07..895ec56a00 100644
--- a/config/advanced-install/namespaced-numaflow-server.yaml
+++ b/config/advanced-install/namespaced-numaflow-server.yaml
@@ -258,7 +258,7 @@ spec:
               key: server.cors.allowed.origins
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -294,7 +294,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -313,7 +313,7 @@ spec:
               key: server.disable.auth
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
index ab96cfb93e..7373982407 100644
--- a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
+++ b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0
+    newTag: v1.2.1
 
 patches:
   - patch: |-
diff --git a/config/advanced-install/numaflow-server.yaml b/config/advanced-install/numaflow-server.yaml
index eca3a0b2fc..be45fd5e47 100644
--- a/config/advanced-install/numaflow-server.yaml
+++ b/config/advanced-install/numaflow-server.yaml
@@ -269,7 +269,7 @@ spec:
               key: server.cors.allowed.origins
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -305,7 +305,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -324,7 +324,7 @@ spec:
               key: server.disable.auth
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/advanced-install/numaflow-server/kustomization.yaml b/config/advanced-install/numaflow-server/kustomization.yaml
index 903ee99831..3ba4de4c4e 100644
--- a/config/advanced-install/numaflow-server/kustomization.yaml
+++ b/config/advanced-install/numaflow-server/kustomization.yaml
@@ -14,5 +14,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0
+    newTag: v1.2.1
 
diff --git a/config/base/kustomization.yaml b/config/base/kustomization.yaml
index cd007e053d..bf37f3af72 100644
--- a/config/base/kustomization.yaml
+++ b/config/base/kustomization.yaml
@@ -10,7 +10,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0
+    newTag: v1.2.1
 
 patches:
   - patch: |-
@@ -25,4 +25,4 @@ patches:
               - name: controller-manager
                 env:
                   - name: NUMAFLOW_IMAGE
-                    value: quay.io/numaproj/numaflow:v1.2.0
+                    value: quay.io/numaproj/numaflow:v1.2.1
diff --git a/config/extensions/webhook/kustomization.yaml b/config/extensions/webhook/kustomization.yaml
index 3cb0fcc559..968833a60b 100644
--- a/config/extensions/webhook/kustomization.yaml
+++ b/config/extensions/webhook/kustomization.yaml
@@ -11,5 +11,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.2.0
+    newTag: v1.2.1
 
diff --git a/config/install.yaml b/config/install.yaml
index 9645884f6e..af96614ba9 100644
--- a/config/install.yaml
+++ b/config/install.yaml
@@ -18213,7 +18213,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0
+          value: quay.io/numaproj/numaflow:v1.2.1
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -18254,7 +18254,7 @@ spec:
               key: controller.leader.election.lease.renew.period
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -18353,7 +18353,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: dex-init
         volumeMounts:
@@ -18463,7 +18463,7 @@ spec:
               key: server.cors.allowed.origins
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -18499,7 +18499,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -18518,7 +18518,7 @@ spec:
               key: server.disable.auth
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/namespace-install.yaml b/config/namespace-install.yaml
index a65d7e239b..550a46067f 100644
--- a/config/namespace-install.yaml
+++ b/config/namespace-install.yaml
@@ -18107,7 +18107,7 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.2.0
+          value: quay.io/numaproj/numaflow:v1.2.1
         - name: NAMESPACE
           valueFrom:
             fieldRef:
@@ -18148,7 +18148,7 @@ spec:
               key: controller.leader.election.lease.renew.period
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -18246,7 +18246,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: dex-init
         volumeMounts:
@@ -18355,7 +18355,7 @@ spec:
               key: server.cors.allowed.origins
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -18391,7 +18391,7 @@ spec:
               key: server.base.href
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
@@ -18410,7 +18410,7 @@ spec:
               key: server.disable.auth
               name: numaflow-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: server-secrets-init
       securityContext:
diff --git a/config/validating-webhook-install.yaml b/config/validating-webhook-install.yaml
index a07abd3a69..a6a0fe7597 100644
--- a/config/validating-webhook-install.yaml
+++ b/config/validating-webhook-install.yaml
@@ -135,7 +135,7 @@ spec:
           value: numaflow-webhook
         - name: CLUSTER_ROLE_NAME
           value: numaflow-webhook
-        image: quay.io/numaproj/numaflow:v1.2.0
+        image: quay.io/numaproj/numaflow:v1.2.1
         imagePullPolicy: Always
         name: webhook
       serviceAccountName: numaflow-webhook-sa