5:1 So Christ has truly set us free. Now make sure that you stay free, and don’t get tied up again in slavery to the law.
Basically, Paul is saying take what you have and keep it. Don't let yourselves loose this life with the lies of the law.
2 Listen! I, Paul, tell you this: If you are counting on circumcision to make you right with God, then Christ will be of no benefit to you. 3 I’ll say it again. If you are trying to find favor with God by being circumcised, you must obey every regulation in the whole law of Moses. 4 For if you are trying to make yourselves right with God by keeping the law, you have been cut off from Christ! You have fallen away from God’s grace.
The law can not give you what you need or want, that is only through Christ. Don't shift your focus from Jesus Christ to legalism. Once you cut yourselves off from Christ by simply living for the law the principle of Grace is abandoned. Grace is God's gift given to us by faith, we can not earn it.
5 But we who live by the Spirit eagerly wait to receive by faith the righteousness God has promised to us. 6 For when we place our faith in Christ Jesus, there is no benefit in being circumcised or being uncircumcised. What is important is faith expressing itself in love.
The Bible tells us we are saved through Faith. Paul is basically defining faith when he tells us that it is a promise because of the righteousness of God and expressed in love.
7 You were running the race so well. Who has held you back from following the truth? 8 It certainly isn’t God, for he is the one who called you to freedom. 9 This false teaching is like a little yeast that spreads through the whole batch of dough! 10 I am trusting the Lord to keep you from believing false teachings. God will judge that person, whoever he is, who has been confusing you.
False teaching in church can happen in a couple of ways. One way is the denial of the foundational truths of Christianity and another way is that it claims there are additional things that what are thought in the NT that are required to be a complete Christian. Man made teachings can be confusing and false. You should always make sure what ever you are reading or hearing lines up with the true word of God. Is it biblical? That is what you need to rely on.
11 Dear brothers and sisters,[a] if I were still preaching that you must be circumcised—as some say I do—why am I still being persecuted? If I were no longer preaching salvation through the cross of Christ, no one would be offended. 12 I just wish that those troublemakers who want to mutilate you by circumcision would mutilate themselves.[b]13 For you have been called to live in freedom, my brothers and sisters. But don’t use your freedom to satisfy your sinful nature. Instead, use your freedom to serve one another in love. 14 For the whole law can be summed up in this one command: “Love your neighbor as yourself.”[c] 15 But if you are always biting and devouring one another, watch out! Beware of destroying one another.
The key here is that you do not use your "freedom" to indulge yourself. Christ set us free from the system of religion that depends on obedience to certain rules. But we are still accountable to his commands and the principles of God's laws and the moral standards that are set for us. What this basically means is that we must never use our "freedom" to satisfy sinful desires or have questionable behaviors. We can't use our "freedom" as an excuse to offend others. We are to be godly examples/
Living by the Spirit’s Power
16 So I say, let the Holy Spirit guide your lives. Then you won’t be doing what your sinful nature craves.17 The sinful nature wants to do evil, which is just the opposite of what the Spirit wants. And the Spirit gives us desires that are the opposite of what the sinful nature desires. These two forces are constantly fighting each other, so you are not free to carry out your good intentions. 18 But when you are directed by the Spirit, you are not under obligation to the law of Moses.
We all have a spiritual battlefield within us. There seems to be a constant conflict between our earthly life and the future life we want to have and reign with Jesus. We absolutely have to rely on the Holy Spirit to guide us, this is the only way we can overcome our ungodly desires and win the battle over our sinful nature.
19 When you follow the desires of your sinful nature, the results are very clear: sexual immorality, impurity, lustful pleasures, 20 idolatry, sorcery, hostility, quarreling, jealousy, outbursts of anger, selfish ambition, dissension, division, 21 envy, drunkenness, wild parties, and other sins like these. Let me tell you again, as I have before, that anyone living that sort of life will not inherit the Kingdom of God.
The above passage is pretty self explanatory and very graphic. Paul is clear what can happen to us when we give in to our sinful nature. God knows we have this nature within us. This is the very reason he sent his Son to us. Without his saving Grace, we would be doomed.
22 But the Holy Spirit produces this kind of fruit in our lives: love, joy, peace, patience, kindness, goodness, faithfulness, 23 gentleness, and self-control. There is no law against these things!
Paul also clearly tells us what kind of life we will have when we carry the nature of God within us. God has no laws against these things. This is what each of us is to strive for.
24 Those who belong to Christ Jesus have nailed the passions and desires of their sinful nature to his cross and crucified them there. 25 Since we are living by the Spirit, let us follow the Spirit’s leading in every part of our lives. 26 Let us not become conceited, or provoke one another, or be jealous of one another.
What a great image that Paul portrays for us here. Crucifying our sinful desires and our sinful pasts with Jesus himself. Nailing our past lives to the cross. One one could have and DID do that for us. Jesus Christ himself. Why would you want to go back to man made laws to earn what man can not provide? Never give up the very freedom the Jesus gave you. Put your sins and past and sinful nature behind you.