This week's book giveaway is in the OCAJP 8 forum. We're giving away four copies of OCA Java SE 8 Programmer I Study Guide and have Edward Finegan & Robert Liguori on-line! See this thread for details.
Really should search here in the forum before asking questions like this, but...
First, the current exam is based on EJB 1.1 and J2EE 1.2, rather than version 1.3. (And the EJB version that corresponds to Java EE 5 is EJB 3.) But that aside - the answer is, none of us know when they're going to actually put out an updated exam. The FAQ for SCEA here at the Ranch mentions the last time they were discussing an upgrade, a version ago. There was, more recently, a post looking for experts as they start the process of updating the exam to Java EE 5, but nothing since then.
As for versioning, only Part I deals with a specific specification. You can use any generally released Java EE stack (including 5) for Part II, per the instructions from Sun.
Theodore Jonathan Casser
SCJP/SCSNI/SCBCD/SCWCD/SCDJWS/SCMAD/SCEA/MCTS/MCPD... and so many more letters than you can shake a stick at!