If it's not too late, you may want to hang on to your Oct 2005 I Bonds for a little longer because if you sell it now, you will lose 2 months of interest @ 6.93% and 1 month @ 2.21% while you gain two months @ ~5%. Of course if the amount is small, the difference is very small too.

It's interesting we share the same ideas! This morning, I submitted the sale of the I Bonds bought on Oct and Nov 2005. For now, I am holding on to the I BOnds that were bought in 2003 and earlier.