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SandTaco, I have the same truck (2005 2.7L 4x4 5spd) and my owner's manual says 6.1 US quarts. I think 5.4 quarts is for the V6. When changing my oil for the first 3 times, I put in exactly 6 quarts and the dipstick was always 1/4" over the full mark. I ran it anyway. Two oil changes ago, I started with 5 quarts and slowly added until 5.25quarts got me right on the mark. I emailed Toyota about the discrepancy between the dipstick and manual. Their reply was to use the dipstick as the true level and that they had no indication that the manual was incorrect.
Either I have about 3/4 a quart of oil hiding out in the block, or the manual is wrong. I've let it drain as long as 1 hour with no change. Other people on ToyotNation have noted the same thing, and that the 4cyl usually takes less than 6 quarts.
Same thing with my 2004 2.4l Taco. The first time I changed the oil, I put in what the book said to put in (5.8qts). I drove to work the next day and had to drain out 1 qt to get to the full mark. I spoke with the dealer and was told that they actually only put 4.5qts in a 4cyl. Anyway, long story is I got the SAME response from Toyota concerning the proper fill. All the mfg does is change the length of the dipstick to alter the proper fill level.