vBulletin 4 is the best choice, VB5 isn't really a finished product so I wouldn't run it until it's officially up to date. I know the VB team is working hard to fix all the bugs, but for myself personally I'm not comfortable with it's high server load and other issues.. If you elect to run vBulletin 3, make sure it's 3.8.7 Patch Level 3, currently what I plan to use myself for a new install. (Even though it's older it's my favorite) Just acquired another license again.
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