Blue banner displayed at the top of the Oculus app: "
The number of free disk space required may range from 10.00 GB - 12.00 GB (based on my findings). This number is subject to change based on the version of the update.
Home2-WindowsNoEditor.pak is ~10.00 GB or 10% of my available disk space even though all games are on an external hard drive.
Now, you will be able to successfully update the Oculus app on Windows even if you do not have enough free disk space that the app claims you need. Please refer to this guide for future updates.
By Brandon Kerman