Here is another way without using the ROW_NUMBER window function.
select top 1 column5 from
(
SELECT [column5], 1 as SortOrder FROM [dbo].[table2] WHERE [column1ID] = 5
UNION
SELECT NULL, 2
)x order by SortOrder
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Understanding and Using APPLY (Part 2) - http://www.sqlservercentral.com/articles/APPLY/69954/