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The answers are "No" and "Not in the near future".

There is no published or admitted release schedule.

It is also highly unlikely it would come out anytime soon. With GURPS:Traveller, T20, and the reprints the market is too fragmented. T5 would only hurt in the current environment.
A few months back Colin "Swordy" Michael (who runs the Traveller Downport site and AFAIK is actually in communication with MWM) started a rumor of "T5 in '05." That seems about right to me or maybe even a little too optimistic -- since we're already approaching the end of '02 and T20 has yet to be released. At any rate, I'd call that the earliest target -- I can't imagine we'll see it any sooner.
I never expected to have any news on T5 while T20 was under development as it would only hurt the later. However, after T20 is launched and, hopefully, selling well for a few months, I may expect some sort of official statement about T5 development.