Let's represent the width of the rectangle as $w$.
According to the problem, the length is five more than the width, so we can write the equation: length = $w+5$.
The perimeter of a rectangle is equal to twice the sum of its length and width. So, the equation for the perimeter is: $2(w + (w+5)) = 120$.
Simplifying the equation:
$2(2w + 5) = 120 \implies 4w + 10 = 120$.
Subtracting 10 from both sides:
$4w = 110$.
Dividing by 4 on both sides:
$w = 27.5$.
Thus, the width of the rectangle is 27.5.
To find the length, we substitute the value of $w$ back into the equation:
length = $w + 5 = 27.5 + 5 = 32.5$.
Answer: The width of the rectangle is 27.5 units, and the length is 32.5 units.