tough call, I have an 18″ Five and a 15″ blood, the blood has the same reach as a 16″ five.
Im 5″10′
The shorter frame makes the bike a lot more playful, the lower seat tube also means that you can get the saddle further out of the way.
I find the shorter frame is great for jumping, drops and general larking around, the downside though is that it doesnt corner as well, I need the extra top tube length so that I can work the fork more.
I would say if you can handle the longer seat tube the 18′ would be faster, it will also be more stable at speed, and pedal uphill better.
The shorter frame will give you more confidence on drops, jumps and the like, it is also more nimble on tighter tracks.
I run both bikes with 50mm stems.