The zip-file contains the JWPlayer SWF v 5.0.753 with the watermark removed.
But here are the instructions on how to do it yourself:
step 1
------
Download the source code as Zip Archive from:
http://developer.longtailvideo.com/trac/browser/tags/mediaplayer-5.0
step 2
------
Open
\mediaplayer-5.0\src\com\longtailvideo\jwplayer\view\view.as
and go to (about) line 184 and put the next 2 lines in comment
protected function setupLogo():void {
_logoLayer = setupLayer("logo", 5);
//_logo = new Logo(_player);
//_logoLayer.addChild(_logo);
}
step 3
------
compile the project using the instructions in
\mediaplayer-5.0\README.txt