Zauner designed a new fuselage and tail surfaces to mate with a set of Schreder RS-15 wings that he had built, producing a new aircraft.
The stock RS-15 wings of 151NaN1 span are built from foam and sheet aluminium and feature flaps and a Schreder 1 airfoil, which is a modified Wortmann section. The fuselage consists of a welded steel tube cockpit cage, surrounded by a fiberglass shell. The rear fuselage is tapered and is made from sheet aluminium, as are the tail surfaces. The fin is highly swept and mounts the tailplane and elevators in T-tail configuration. The wings are carefully faired into the fuselage using integral fuselage fillets. The landing gear is a retractable monowheel.
Only one OZ-5 was built and it was registered in 1974 with the Federal Aviation Administration in the Experimental - Amateur-built category.
The designer completed two diamond badge legs in the OZ-5. As of July 2011 the aircraft remained on the FAA registry, still owned by Zauner.