The 2% and 5% versions of Rogaine are essentially the same thing, because once the alcohol starts to evaporate after you put them on your scalp, they both end up as concentrated solutions of minoxidil in propylene glycol. I'd probably just use whichever is cheaper per gram of minoxidil, which is almost always the 5% version.
Having said all that, I suppose it's conceivable that the 2% version of Rogaine might actually be slightly more effective than the 5% version (with the dosage adjusted to provide the same amount of minoxidil, of course), because it's been documented that higher levels of alcohol in a vehicle result in better penetration of minoxidil, at least in the mouse-skin model that was tested. The 2% version of Rogaine is 60% alcohol, while the 5% version is only 30%, if I remember correctly.
Bryan