I'd probably use a separate partition for /home making the new mount point on the micro SD card and so freeing up additional storage for the Ubuntu OS. There are plenty of guides on the web explaining how to do this. Another benefit is it will allow you to re-install Ubuntu without loosing your data.
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Thank you very much to linuxium for the information posted above, it will be very helpful for all the peers viewing this thead.
Another option will be to try to transfer all the storage data or information to the SD card, by doing that you will be able to free memory space on the stick to do the Ubunto update.
Any questions, please let me know.