I never liked this thought experiment because we know nothing of the individual people, and so we cannot determine which set of people has more net value. Unless you explicitly already see things in terms of some strict moral principle and not the value of the human beings individually (the Utilitarian or Kantian ethical answers to this conundrum), then it's unanswerable, and pointless to go on talking about it, in my opinion.
If the one person is a Shakespeare and the five people are hobos, I would save the one person, but if there is again, the one Shakespeare, but now instead of five hobos, there are now five more Shakespeare's, I'd choose to save the five over just the one. But we know nothing of the people, so it's just a big "I don't know."
There's these two ambiguous stances, I suppose:
"The best choice is the one that a person of good moral character would make. Being ethical is not about following a formula for moral decision-making that tells us how to act in various situations. Being ethical involves cultivating virtues and good character throughout life" (Virtue Ethics).
"There are no pre-existing moral guidelines that determine how we must act in this situation. We are forced to create our moral values through our choices, and we have no choice but to make choices" (Existentialism).
Your call as to which you prefer.