As Brian Agnew points out, 5 minutes is entirely manageable, if somewhat wasteful of resources, if one can control timeout settings. Otherwise, at least two requests must be made: The first to get the result-producing process rolling, and the second (and third, fourth, etc., if the result takes longer than expected to compile) to poll for the result.
Brian Agnew and Darrel Miller both suggest similar approaches for the two(+)-step approach: POST a request to a factory endpoint, starting a job on the server, and later GET the result from the returned result endpoint.
While the above is a very common solution, and indeed adheres to the letter of the REST constraints, it smells very much of RPC. That is, rather than saying, "provide me a representation of this resource", it says "run this job" (RPC) and then "provide me a representation of the resource that is the result of running the job" (REST). EDIT: I'm speaking very loosely here. To be clear, none of this explicitly defies the REST constraints, but it does very much resemble dressing up a non-RESTful approach in REST's clothing, losing out on its benefits (e.g. caching, idempotency) in the process.
As such, I would rather suggest that when the client first attempts to GET the resource, the server should respond with 202 "Accepted" (http://www.w3.org/Protocols/rfc2616/rfc2616-sec10.html#sec10.2.3), perhaps with "try back in 5 minutes" somewhere in the response entity. Thereafter, the client can poll the same endpoint to GET the result, if available (otherwise return another 202, and try again later).
Some additional benefits of this approach are that single-use resources (such as jobs) are not unnecessarily created, two separate endpoints need not be queried (factory and result), and likewise the second endpoint need not be determined from parsing the response from the first, thus simpler. Moreover, results can be cached, "for free" (code-wise). Set the cache expiration time in the result header according to how long the results are "valid", in some sense, for your problem domain.
I wish I could call this a textbook example of a "resource-oriented" approach, but, perhaps ironically, Chapter 8 of "RESTful Web Services" suggests the two-endpoint, factory approach. Go figure.