We present a new study of the variable star population in globular cluster 5 of the Fornax dwarf spheroidal galaxy, based on B and V time series photometry obtained with the MagIC camera of the 6.5 m Magellan Clay telescope and complementary HST archive data. Light curves and accurate periodicities were obtained for 30 RR Lyrae stars and 1 SX Phoenicis variable. The RR Lyrae sample includes 15 fundamental-mode pulsators, 13 first-overtone pulsators, 1 candidate double-mode pulsator and one RR Lyrae star with uncertain type classification. The average and minimum periods of the ab-type RR Lyrae stars, <Pab>=0.590 days, P(ab,min)=0.53297 days, and the position in the horizontal branch type--metallicity plane, indicate that the cluster has Oosterhoff-intermediate properties, basically confirming previous indications by Mackey & Gilmore (2003b), although with some differences both in the period and type classification of individual variables. The average apparent magnitude of the Fornax 5 RR Lyrae stars is <V(RR)>=21.35 +/- 0.02 mag (sigma=0.07 mag, average on 14 stars more likely belonging to the cluster, and having well sampled light curves). This value leads to a true distance modulus of mu0=20.76 +/- 0.07 (d=141.9 (+4.6;-4.5) kpc) if we adopt for the cluster the metal abundance by Buonanno et al. (1998; [Fe/H]=-2.20 +/- 0.20), or mu0=20.66 +/- 0.07 (d=135.5 (+4.4;-4.3) kpc), if we adopt Strader et al.s (2003) metal abundance ([Fe/H]=-1.73 +/- 0.13).