I would strongly recommend Java 5 and plan on staying with that version for a while if you have a goal seeing corporate uptake for Clojure.
The Java version debate comes up every few months on the Groovy lists. The most common argument I've heard was that any company progressive enough to use a language like Groovy or Clojure would be using current versions of Java so there is no harm in using the current version of Java.
My experience consulting for medium and large companies is that this is a false assumption. Most companies are years behind the current Java version but are still open to using new technologies that will run on their current platforms. The web app servers that get deployed usually lag way behind Java releases and converting legacy Java apps to newer versions of Java
+ app servers is a major project for many companies. They put it off for as long as possible. It may not make sense to those of us trying new languages on the JVM but it is a reality that is out there.
Scott Hickey
Senior Consultant
Object Partners, Inc.