I am quite astonished if you mean that you need to start a new log file every 5 minutes! WOW!

How many log entries do you expect during this 5 minute window?
What is the average number of entries in 5 minutes?
What is the size of a typical log entry (in bytes)?
What happens to the log file that is 15 minutes old?
How often do you process these log files?
How complex is that analysis of the log file?

You are describing an unusual performance requirement. That is fine, but please add some more details about it.

I am not sure that which of the above will suitable for my requirements.

I don't understand your requirements. The answers to the questions above could lead me to very different recommendations for implementation.