By the age of 5, most of the children are fully mature enough to communicate, actively take part in any activity and understand every situation as well. They might be going to the School for primary education at this age. So usually they are well informed about their circle. They might have chosen their friend circle and the person they get comfortable with.
Physically they are capable enough to actively take part in sport activities. And this is the reason they would like to play outside in the open. They would like to go to the parks, amusement park and sport centres.
So i advise parents to choose toys that can actually be called also sport equipment. Cycle is the most common present and probably the most effective equipment that can help children build physical strength at this age. Please let them know that wearing a helmet is essential while riding a cycle.
Since they are mentally and physically strong at this age, most kids like to play on their own. And even feel uncomfortable being supervised. This is common these days that kids at this age already know how to play with electronic devices. This habit makes them fully informed about the modern behaviour and the society they belong to.
How ever, it is always advisable to not to let them be in their own always. Better supervise them and not to over limit their access with what ever they want at this age.
Modern technologies attract kids very fast. So letting them play with toys that symbolises the advancement of human in technological field helps them better understand them as well. Most of the toy stores have these kind of toys. Choose the one in which the child has to assemble them in order to play with it.
Assembling Aeroplanes, Space shuttle, Train and its tracks are some examples of these kind of toys.
I found one site that has explained in detail about top 100 toys suitable for kids more than seven years.