Cant do ionic lib update to 1.2.1 from 1.1.1

I am on ionic 1.1.1 and would like to update to 1.2.1, when I run ionic lib update, I get the following:

bower ionic#1.1.1 cached git://github.com/driftyco/ionic-bower.git#1.1.1
bower ionic#1.1.1 validate 1.1.1 against git://github.com/driftyco/ionic-bower.git#1.1.1
bower angular-animate#1.4.3 cached git://github.com/angular/bower-angular-animate.git#1.4.3
bower angular-animate#1.4.3 validate 1.4.3 against git://github.com/angular/bower-angular-animate.git#1.4.3
bower angular#1.4.3 cached git://github.com/angular/bower-angular.git#1.4.3
bower angular#1.4.3 validate 1.4.3 against git://github.com/angular/bower-angular.git#1.4.3
bower angular#>= 1.0.8 cached git://github.com/angular/bower-angular.git#1.4.8
bower angular#>= 1.0.8 validate 1.4.8 against git://github.com/angular/bower-angular.git#>= 1.0.8
bower angular#>= 1.0.7 cached git://github.com/angular/bower-angular.git#1.4.8
bower angular#>= 1.0.7 validate 1.4.8 against git://github.com/angular/bower-angular.git#>= 1.0.7

Please note that,
angular-animate#1.4.3, ionic#1.1.1 depends on angular#1.4.3 which resolved to angular#1.4.3
angular-animate#1.4.8, angular-mocks#1.4.8, HelloIonic depends on angular#1.4.8 which resolved to angular#1.4.8
angular-ui-router#0.2.13 depends on angular#>= 1.0.8 which resolved to angular#1.4.8
angular-timer#1.3.3 depends on angular#>= 1.0.7 which resolved to angular#1.4.8
Resort to using angular#1.4.8 which resolved to angular#1.4.8
Code incompatibilities may occur.

bower ECONFLICT Unable to find suitable version for angular-animate