With a 5-year-old, I recommend BB over TL. We have a 4 year-old son and have done both parks -- he/we like BB much better. For one thing, there are two kids areas at BB, one geared for the 3-7 year-old set, and one for 8-12 year-olds. My son likes just about everything in both kids areas (he's a thrill-seeker).
On the larger slides, BB's family ride is much better than TL's -- one of the best and longest of that kind of ride. Plus, your daughter can go with you on a double tube on Runoff Rapids, and she can probably handle the mat slides (Snow Stormers and Tobaggan Racers). Also, the wave pool at TL produces great breakers, but can be a little intense for little ones. BB's wave pool has more gentle bobbing waves -- much better.
Finally, BB has a chairlift that can be used for some of the waterslides. This is a nice break from having to use the stairs, particularly for little ones with little legs.