We report on 5 yr of pulsar observations of the globular cluster NGC 5
904 (M5). A timing model has been obtained for the two known pulsars,
and a deep search for additional faint isolated pulsars has lowered th
e detection flux limit to 40 mu Jy without further detection. We discu
ss the details and implications of the phase coherent timing models fo
r PSR B1516+02A and PSR B1516+02B. Of particular interest for the bina
ry PSR B1516+02B are the observed negative period derivative due to ac
celeration in the gravitational field of M5 and a detection of orbital
precession.