We present subarcsecond resolution imaging of the lambda = 2.7 mm cont
inuum emission from the young, embedded system L1551 IRS 5 using the n
ine-element, high-resolution configuration of the BIMA array. The obse
rved emission arises from two compact sources separated by 0.'' 35, co
inciding with the two sources seen at lambda = 2 cm and lambda = 1.3 c
m. When the high-resolution data are combined with data from two compa
ct configurations, L1551 IRS 5 is argued to consist of a protobinary s
ystem separated by similar to 50 AU with individual circumstellar disk
s, a circumbinary structure, and a large-scale envelope. The character
istic masses of the components are 0.024 M. for the northern circumste
llar disk, 0.009 M. for the southern circumstellar disk, 0.04 M. for t
he circumbinary material, and 0.28 M. for the envelope.