I say keep it simple. My son had to do a science project when he was five. I decided it had to be something he could do easily and understand too. At that time, he loved playing with magnets, so he and I decided his project would be on magnets. It was very simple. What sticks to a magnet? We chose different things from around the house such as coins, paper clips, pencils, bottle caps, marbles, paper, popsicle sticks, etc to test with magnets. He had to guess which items would stick. Then he tested them, and finally he had his conclusions. It was very simple. I helped him put his words together and organize it, but he hand wrote all of the needed info and helped glue the scientific info and items to his display board. At the end, he was very proud of his work and knew it well.
At the science fair, he won 1st place. Let me say, there were some very elaborate projects, but he won because his was age appropriate, he could explain it well, and it was his work. So I say, find something your child is interested in and keep it simple.