Just to be clear, I had to clean up some underscore symbols that were either in your origianl code or somehow got worked in when you posted. This is what worked for me:
<?php
header ("Content-type: image/png");
$im = @imagecreatetruecolor(50, 100)
or die("Cannot Initialize new GD image stream");
$text_color = imagecolorallocate($im, 233, 14, 91);
imagestring($im, 1, 5, 5, "A Simple Text String", $text_color);
imagepng($im);
imagedestroy($im);
?>
If that snippet of code doesn't work when you try it, I stronly believe it has to the fact that you've pointed to your php5 directory as the source of your jpeg and png directories. You can go about grabbing the source for either of them from the links provided at the php manual or you can just grab everything from Marc Liyagne's site
I tested the snippet on my PB (OS X 10.3.9) with PHP 5.03