I do need to step in here and try once again to clear up some misunderstandings that are being tossed around.
First of all, if an aircraft is pitched to 5500rpm wide open throttle (WOT) straight and level, then 5500 is no longer max continuous, not at all, it's now wide open throttle full power and is limited to 5 minutes! I guess I need to try to explain that....
The max continuous specification for an engine is not governed by the revs but rather by the amount of power being generated. That max continuous power is limited by the ability of the internals of the engine to dissipate heat away from such items as exhaust valves and pistons. The thermal efficiency of a Rotax at constant rpm will be better than a car on the road, but still only about 35% for the carbureted version. That means that only 35% of the energy in the fuel being burned goes to driving the propeller while 65% of that energy needs to be dissipated as heat. About half goes out in the hot exhaust gas and the rest through air cooled cylinder walls and liquid cooled heads. But the critical part is getting that heat away from the internals exposed to the fire and out into the cooling medium. Imagine a poor little exhaust valve with all that super hot gas going by and only the little valve stem to carry away the heat and through a layer of oil into the valve guide. That contact can only carry away heat at a limited rate, and the recommended max continuous is based on that conducting ability. At the Rotax recommended max continuous of 5500 when pitched to 5800 WOT, I measured fuel consumption to be about 20 litres/hr. That's as much fuel burn and thus heat as Rotax recommends for continuous operation. When pitched to 5500 WOT and then flown at 5500 I measured the fuel consumption to be 26 litres/hr. That extra 6 litres/hr is a lot of extra heat to be dissipated, and why Rotax recommends only 5 minutes at that power rate.
The torque curve published by Rotax is based on WOT 5800rpm, and the top of the torque curve is between 5000 and 5200rpm. That's what they have determined by dyno testing to be the most efficient operating speed for this engine. If pitched to 5500 WOT then that curve will probably be very different. I measured the fuel burn at Rotax's recommended max continuous to be 20 litres/hr when pitched at 5800 WOT. When I pitched to 5500 WOT that 20 litre/hr showed to be at 5200rpm so 5200 should be the max continuous in that case. Fuel burn is a very dependable indication of power generated so I am very confident in these results.
No doubt Rotax's recommendations are conservative, but are you comfortable exceeding those recommendations in your engine??