I just migrated from WP 5.0.1 to CP. Generally speaking, the migration plugin won’t allow you to migrate from 5.0.1 however, little hack (on the plugin) solves the problem. This is how it worked for me.
Step-1: Download the plugin and extract them on your computer within a folder.
Step 2: Open up the “admin-page.php” file (inside “lib” folder) with your editor and look for “$wp_version_max = ‘5.0.0’;” (line number 311).
Step 3: Change it to 5.0.0 to 5.0.1 and save the file. You are done with your hack part. lol
Step 4: Zip the entire plugin back and then install it as you normally would.
Rest of the process should be as usual. Everything worked right out of the box. I removed my “Classic Editor” plugin after successful migration. Hope that helps someone.
Update: This method is not recommended though. Follow the method suggested by @james below. Thank you.