The rules on conversions can be a bit tricky, as the rules are different for contributions than for the earnings on those contributions.
The contribution portion of your conversion can be withdrawn penalty-free after age 59 1/2. Because you paid tax at the time of conversion, there are no tax consequences.
At age 59 1/2, the earnings can be taken penalty-free, but they will be subject to tax if it has not been five years since you opened any Roth account. (The timeclock begins ticking on January 1st of the year you opened your first Roth IRA account.) If five years have passed since that date AND you are over 59 1/2, the earnings on your conversion are tax- and penalty-free.
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