After doing a custom compile of latest 5.1 preview editor source and trying to build my lighting I get the following warning
Warning: Failed to build lighting!!! Unreal Lightmass executable is outdated. Recompile UnrealLightmass project with Development configuration in Visual Studio.
For anyone else stumbling onto this problem with UE 5.x using a source build:
The old UE4 workflow was that the UnrealLightmass project was included as a project in your game project source, and you could just build it from your game project.
In UE5.x, the UnrealLightmass project is now included exclusively in your UE5 solution. You won’t find it in your project solution. So, just open up the UE5.sln file in visual studio, then in solution explorer, you navigate to “Programs → UnrealLightMass”, right click and “build”.