diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2c5b7d575b..5ab9aa8045 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,11 @@
 Changes by Version
 ==================
 
+0.38.0
+-------------------
+* Bumped OpenTelemetry Collector to v0.38.0
+* Initial support for auto-instrumentation at the moment supported only for Java ([#464](https://github.com/open-telemetry/opentelemetry-operator/pull/464), [@pavolloffay](https://github.com/pavolloffay))
+
 0.37.1
 -------------------
 * Bumped OpenTelemetry Collector to v0.37.1
diff --git a/Makefile b/Makefile
index deb6c14552..321ac7a903 100644
--- a/Makefile
+++ b/Makefile
@@ -45,7 +45,7 @@ endif
 KUBE_VERSION ?= 1.21
 KIND_CONFIG ?= kind-$(KUBE_VERSION).yaml
 
-CERTMANAGER_VERSION ?= 1.6.0
+CERTMANAGER_VERSION ?= 1.6.1
 
 ensure-generate-is-noop: VERSION=$(OPERATOR_VERSION)
 ensure-generate-is-noop: USER=opentelemetry
diff --git a/README.md b/README.md
index cc38cef4ae..f4392bf729 100644
--- a/README.md
+++ b/README.md
@@ -209,6 +209,7 @@ The OpenTelemetry Operator *might* work on versions outside of the given range,
 
 | OpenTelemetry Operator | Kubernetes           | Cert-Manager         |
 |------------------------|----------------------|----------------------|
+| v0.38.0                | v1.20 to v1.22       | 1.6.1                |
 | v0.37.1                | v1.20 to v1.22       | v1.4.0 to v1.6.1     |
 | v0.37.0                | v1.20 to v1.22       | v1.4.0 to v1.5.4     |
 | v0.36.0                | v1.20 to v1.22       | v1.4.0 to v1.5.4     |
diff --git a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
index df3c816131..8155ccec6a 100644
--- a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
@@ -25,7 +25,7 @@ metadata:
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v2
     repository: github.com/open-telemetry/opentelemetry-operator
     support: OpenTelemetry Community
-  name: opentelemetry-operator.v0.37.1
+  name: opentelemetry-operator.v0.38.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -215,7 +215,7 @@ spec:
               - args:
                 - --metrics-addr=127.0.0.1:8080
                 - --enable-leader-election
-                image: quay.io/opentelemetry/opentelemetry-operator:v0.37.1
+                image: quay.io/opentelemetry/opentelemetry-operator:v0.38.0
                 name: manager
                 ports:
                 - containerPort: 9443
@@ -307,7 +307,7 @@ spec:
   maturity: alpha
   provider:
     name: OpenTelemetry Community
-  version: 0.37.1
+  version: 0.38.0
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/docs/otelcol_cr_spec.md b/docs/otelcol_cr_spec.md
index a38526af53..d132022e6d 100644
--- a/docs/otelcol_cr_spec.md
+++ b/docs/otelcol_cr_spec.md
@@ -31,7 +31,6 @@ spec:
   // +optional Args is the set of arguments to pass to the OpenTelemetry Collector binary
   args:
     metrics-level: detailed
-    log-level: debug
   
   // +optional Replicas is the number of pod instances for the underlying OpenTelemetry Collector
   replicas: 1
diff --git a/tests/e2e/instrumentation-java/00-install-collector.yaml b/tests/e2e/instrumentation-java/00-install-collector.yaml
index 6581d8935e..b823086361 100644
--- a/tests/e2e/instrumentation-java/00-install-collector.yaml
+++ b/tests/e2e/instrumentation-java/00-install-collector.yaml
@@ -6,7 +6,6 @@ spec:
   mode: sidecar
   args:
     metrics-level: detailed
-    log-level: debug
   config: |
     receivers:
       otlp:
diff --git a/tests/e2e/smoke-pod-annotations/00-install.yaml b/tests/e2e/smoke-pod-annotations/00-install.yaml
index 6313db8871..ee3dac5484 100644
--- a/tests/e2e/smoke-pod-annotations/00-install.yaml
+++ b/tests/e2e/smoke-pod-annotations/00-install.yaml
@@ -26,4 +26,3 @@ spec:
           exporters: [logging]
   args:
     metrics-level: detailed
-    log-level: debug
diff --git a/tests/e2e/smoke-sidecar/00-install.yaml b/tests/e2e/smoke-sidecar/00-install.yaml
index d70726c612..33d0805210 100644
--- a/tests/e2e/smoke-sidecar/00-install.yaml
+++ b/tests/e2e/smoke-sidecar/00-install.yaml
@@ -6,7 +6,6 @@ spec:
   mode: sidecar
   args:
     metrics-level: detailed
-    log-level: debug
   config: |
     receivers:
       jaeger:
diff --git a/tests/e2e/smoke-simplest/00-install.yaml b/tests/e2e/smoke-simplest/00-install.yaml
index f0d60d6943..205c59226e 100644
--- a/tests/e2e/smoke-simplest/00-install.yaml
+++ b/tests/e2e/smoke-simplest/00-install.yaml
@@ -20,5 +20,4 @@ spec:
           processors: []
           exporters: [logging]
   args:
-    metrics-level: detailed
-    log-level: debug
\ No newline at end of file
+    metrics-level: detailed
\ No newline at end of file
diff --git a/versions.txt b/versions.txt
index 9be8583f7f..06fb40f628 100644
--- a/versions.txt
+++ b/versions.txt
@@ -2,10 +2,10 @@
 # by default with the OpenTelemetry Operator. This would usually be the latest
 # stable OpenTelemetry version. When you update this file, make sure to update the
 # the docs as well.
-opentelemetry-collector=0.37.1
+opentelemetry-collector=0.38.0
 
 # Represents the current release of the OpenTelemetry Operator.
-operator=0.37.1
+operator=0.38.0
 
 # Represents the current release of the Target Allocator.
 targetallocator=0.1.0