Toggle/flicker bool script - Please help

I want to be able to have a script where a bool is false and every 5 seconds it is true for a frame or 0.01 seconds.
Example:
alt text

There are probably many ways to do that, but I can think of a couple that are fairly simple:

Using Start as Coroutine:

#pragma strict

var myBoolean : boolean = false;

function Start () {

	while(true)
	{
		myBoolean = true;
		yield WaitForSeconds(.01);
		myBoolean = false;
		yield WaitForSeconds(5);
	}
}

Or in Update with a timer:

#pragma strict

var myBoolean : boolean = false;
private var timer : float = 0;

function Update () {
	
	timer -= Time.deltaTime;
	
	myBoolean = timer <= 0;
	if(timer <= 0) timer = 5;
}