L.K.
Have you tried rewards? Going to the store and picking out some new bedding might be helpful. You could tell him he can only use his new blanket if he sleeps in his own bed.
You might also want to take small steps by getting him to sleep on your floor and then move him towards his own bed. You could also sleep on his floor for one night.
We got our older son to sleep in his own bedroom because that was the big boy thing to do. He is now 3 1/2 and if I ask him if he wants to sleep with me he just laughs at me. (in a sweet way)
I have read that kids go through times when they like to sleep with their parents and times when they like to be on their own. In fact, I think 5 years of age is a common time for kids to want to be closer to their parents. Keep that in mind as you work with him. You don't want to push him away if he is trying to reach out to you for love and comfort. You should try to ease him into his own bed while also finding other ways to bond with him during the day. Good luck.