[ACPlayer]

I raise in this spot.

Seat 1 could have 2 pair, trip 5s or even a four flush (he would have seen only 2 clubs go by so his equity is pretty good, unless he is pretty nitty) or a four flush that has a J of clubs in the hole. We are likely behind a fair bit, even so, I raise.

Reasons:

The pot is pretty decent and I am not folding yet.
I don't want to make a winning Aces up and find the guy behind me has made trip 3s or hit a gut shot or something. He is unlikely to reraise with 2 pair fearing your Aces up.

You have to discount trips a bit, as most players would go for a checkraise on fifth, specially as the other boards are not too threatening.

If you get re-raised, well then the call gets interesting.