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This exists, and uses stable diffusion: https://www.riffusion.com/

It was on HN a couple of weeks ago: https://news.ycombinator.com/item?id=33999162

To me, this is not quite there. Stable diffusion produces, in some cases, really high quality output. The Riffusion is cool but still sounds a bit muddled.

Put it this way, if Riffusion came out in 2023, I would only give myself partial credit.

> - Stable diffusion but for music. That is, give a text prompt and get a 2-5 minute song out.

It already exists and it is called Dance Diffusion. [0]

[0] https://techcrunch.com/2022/10/07/ai-music-generator-dance-d...

[1] https://www.harmonai.org/

[2] https://colab.research.google.com/github/Harmonai-org/sample...

Already happening with Harmonai and riffusion. I think this year it may hit an inflection point with quality though. :)