You will need to upgrade to Site Sculptor for CS5 compatibility.
I understand --
The original (and still pervasive problem) is no preview in ANY current WA extensions.
I have done a complete uninstall of both CS3 and CS5. I have cleaned the registry, and performed a reinstall of both. Any previous trace of WA extensions was wiped out, unless there is something hidden in the registry. I can see and use Site Sculptor preview under two other accounts in CS5; it is not available under my primary account name. I even created a new clean account with the user name Michael Perry (after renaming my old account), thinking there might be an issue with my USER.DAT file. No joy.
What is it about an OS user name that renders the Extension Preview unavailable??