Is the newest version available through texsync? I performed:

ruby /data/tex/texmf-local/scripts/context/ruby/texsync.rb --force
--update --tree=tex --destination=/data/tex/
ruby /data/tex/texmf-local/scripts/context/ruby/texsync.rb --force
--update --tree=linux-64 --destination=/data/tex/
ruby /data/tex/texmf-local/scripts/context/ruby/texsync.rb --force
--update --tree=doc --destination=/data/tex/doc/
texexec --make --all

But /data/tex/texmf-local/tex/context/base/context.tex contains
\def\contextversion{2005.03.16}

-- 
Stuart Jansen <sjansen@gurulabs.com>
Guru Labs, L.C.