PEGASUS 5 is a code which performs a pre-processing step for the Overset CFD method. The code prepares the overset volume grids for the flow solver by computing the domain connectivity database, and blanking out grid points which are contained inside a solid body. PEGASUS 5 is the latest version of the PEGASUS series of mesh interpolation codes. The main purpose for the development of this latest version was to significantly decrease the number of user inputs required and to allow for easier operation of the code. The result is a process which is automatic for many flow analysis problems. All that is required from the user for most cases is an OVERFLOW input file and the volume grids. Some cases will require some additional input from the user.