Personally, I would go with five 1TB drives with a RAID 5. You will have 4TBs. The other way on 2TBs. Then a hot spare. Or 2 X 2 TB in a mirror for 2TBs total with a hot spare. Sandeep will disagree on the first
5 minus 1 = 4
5-1(hot spare)-1(parity) = 3TB. Hot spare drive is not being used for parity. Hot spare does not count towards the capacity. One drive is used for parity data. Leaving you with 3TB. Still more capacity than a RAID 10, 2TB Usable. But slower writes. This is called RAID 5E.
Unless you mean 5 drives and a hot spare (6 drives total)?! 6 Drives is pretty pricey. Way too much for Essentials. Lol. That being said, I'd still go for a 6 Drive RAID 10 over 5 Drive RAID 5 with a hot spare. With SSDs in the mix, no need to get so many hard drives. If it's for storage, better to get higher capacity drives. 4TB Drives are out.
For some reason, I don't know why. I just don't like RAID 5. It's either RAID 1 or RAID 10 for me. In terms of reliability (in my experience): RAID 10 > RAID 1 > RAID 5, this seems to be the trend for other people as well. I think that follows with the MTTDL model. To Everyone: RAID anything except 0 is better than a stand-alone drive.