Prepare v2025.01-rc1

Signed-off-by: Tom Rini <trini@konsulko.com>
diff --git a/Makefile b/Makefile
index 6b9c00b..7275a02 100644
--- a/Makefile
+++ b/Makefile
@@ -1,9 +1,9 @@
 # SPDX-License-Identifier: GPL-2.0+
 
-VERSION = 2024
-PATCHLEVEL = 10
+VERSION = 2025
+PATCHLEVEL = 01
 SUBLEVEL =
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 NAME =
 
 # *DOCUMENTATION*
diff --git a/doc/develop/release_cycle.rst b/doc/develop/release_cycle.rst
index 9340e9c..faec644 100644
--- a/doc/develop/release_cycle.rst
+++ b/doc/develop/release_cycle.rst
@@ -51,10 +51,9 @@
 Current Status
 --------------
 
-* U-Boot v2024.10 was released on Mon 07 October 2024.
+* U-Boot v2025.01-rc1 was released on Mon 28 October 2024.
 
-* The Merge Window for the next release (v2025.01) is **open** until the -rc1
-  release on Mon 28 October 2024.
+* The Merge Window for the next release (v2025.01) is **closed**.
 
 * The next branch is now **closed**.
 
@@ -66,9 +65,9 @@
 .. The following commented out dates are for when release candidates are
    planned to be tagged.
 
-.. For the next scheduled release, release candidates were made on::
+For the next scheduled release, release candidates were made on::
 
-.. * U-Boot v2025.01-rc1 was released on Mon 28 October 2024.
+* U-Boot v2025.01-rc1 was released on Mon 28 October 2024.
 
 .. * U-Boot v2025.01-rc2 was released on Mon 11 November 2024.