This will launch the Script Wizard, Choose Next, In the next screen choose the database, then choose the Choose Script Options. In this there is a option for Script for SQL Server Version, in this choose SQL Server 2005. This will generate the scripts compatible with SQL Server 2005. This would enable to create all the objects required for a SQL Server 2005 database.
There is another neat feature in this screen which the Script Data option, in case the sql server 2005 database needs to populated with Data, this can be set to true. This would enable to load a sql server 2005 database. These features came in handy when i had to go back to a SQL Server 2005 database.