For those who are also having problem with this, below is the code for v5 of the Twitch API. It works!
$.getJSON(‘https://api.twitch.tv/kraken/users/CHANNEL_NAME?client_id=CLIENT_ID’).done(function(data){
var title = 'cool story bruh';
$.ajax({
url: 'https://api.twitch.tv/kraken/channels/'+data._id+'?'+ encodeURI('channel[status]='+title),
type: 'PUT',
contentType: 'application/json',
headers: {
'Accept' : 'application/vnd.twitchtv.v5+json',
'client-ID' :'CLIENT-id',
'Authorization':'OAuth OAuth_Token'
},
success: function(data) {
console.log(data.status);
console.log(data)
}
});
});