If you are one of them you can download this update over-the-air (OTA) or download the beta here. To download OTA go to Settings > General > Software Update.
This may be the last beta before the final release since the OS is predicted to be launched next month. The latest version is said to have several stability and security improvements.
The update follows the sixth beta was released on the 19th of August.
Apple also released iTunes 10.5 Beta 7 to developers. The new version of iTunes is required to sync iOS 5 Beta 7. Similar to iOS Beta you will require a developer account in order to be downloaded. This update comes a day after Apple released iTunes 10.5 Beta 6.1 which added the iTunes Match service with iCloud integration.
This update doesnt add anything significant but is required to sync devices running iOS 5 Beta 7. So remember that you will need to update any devices running an older beta version if you want to use it with the latest version of iTunes.
For information on Jailbreaking iOS 5 Beta 7 click here.