There are two 5-year rules, that's why you are confused.
There is an overall 5 year rule that says that if you withdraw earnings when your account is open less than 5 years, the earnings are taxable even if you are over age 59-1/2. (Withdrawal of contributions is never subject to income tax, and withdrawal of conversions is not subject to additional income tax because you paid that at the time of the conversion.)
Then there is a separate 5 year rule for conversions. Each conversion has a separate 5 year clock that says that if you withdraw the converted amount in less than 5 years, AND you are under age 59-1/2, you will be assessed a 10% penalty for early withdrawal. Even if less than 5 years since the conversion, the 10% penalty is never assessed if you are over age 59-1/2.
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