We present B and V CCD photometry for variables in the cluster central region, adding new data for 32 variables and giving suitable light curves, mean magnitudes and corrected colors for 17 RR Lyrae. Implementing the data given in this paper with similar data already appeared in the literature we discuss a sample of 42 variables, as given by 22 RRab and 20 RRc, to the light of recent predictions from pulsational theories. We find that the observational evidence concerning M5 pulsators appears in marginal disagreement with predictions concerning the color of the First Overtone Blue Edge (FOBE), whereas a clear disagreement appears between the ZAHB luminosities predicted through evolutionary or pulsational theories.