As Floot says, the best time to harvest bamboo poles for timber is in the dry season, when the culms are least full of water, sugars and starches. If you want to get really hardcore, you will do it on the phase of the moon when the moisture is being sucked into the earth, (when is that, full? never been much of one for planting with the moon)...
Floot's theory of the best poles being in the middle might be true for a wild clump, but in a well managed clump you will have culms of the right aged spaced evenly around.
Just as critical as harvesting poles at the right time of year is getting the ones of the right age. At about 3-4 years in most species the poles are mature, and any older than 5 years and they are probably getting weak as they return most of their energy back into the clump. There are various signs of age, such as the amount of leaves at the top (mature poles usually are somewhat less bushy and green than the youngsters), the pole itself will often be yellowing a little from the sun (if it is getting enough sun) and there are things like "culm sheaths" the leaves that are adapted to protected the emerging branches - some species have "persistent culm sheaths" but most will show less culm sheaths on the older poles. Another clue is the amount of aerial or adventitious roots. All these things vary depending on the species.
So, if your clump has been in the ground for 5 years precog, you are probably just starting to see poles that will do what the clump is capable of in terms of height and diameter. PLEASE DO NOT CUT THE BIGGEST POLES IN YOUR CLUMP THIS YEAR!
If you do that you will set your plant back by several years. What you want to do is thin out the oldest culms, which are going to be the smallest. Right?
All things being equal, with a happy young bamboo plant, each progessive year you will get consistently bigger poles until most of each years shoots will be around the same height and diameter as the rest in the clump... I realise that if you don't already know what I mean, this probably makes no sense!
So, if I understand you correctly, and your plant is 5 years in the ground, the poles that came up this year, which should be the biggest and the fattest, will be ready to harvest in about 2008/9...
If I misinterpreted what you said, and your poles are actually 5 years old, well, cool, you have some bamboo ready to harvest for timber. You can still use the immature stuff, that is the undersized material, for various things...
So, once harvested, I would actually recomend drying your poles in the shade as they are less likely to crack or split. If you have to dry them in the sun, you need to rotate them every so often so that they get even amount of shade or they will dry unevenly, and the side that dries more quickly will split...
Floot's suggestion to dry it with the leaves on makes good sense. You can sometimes prop the culms up inside the clump they come from. This gives the necessary shade, and facilitates moisture removal as the leaves will continue to transevaporate even after the culm has been severed from its roots. After 2 or 3 weeks, I would cut the tops off and transport the poles to my longterm curing shed or wherever. Wipe them down to remove any mould or whatever and stand them upright if possible for another 6 months or whatever. I'm yet to have access to much bamboo of the right age and quality to have bothered with the full curing trip...
Some people put the base of the culm in a bucket full of a chemical solution such a borax, so that the chemical is sucked up and replaces the starch and makes the pole unattractive to boring insects. Same sort of theory is at play in immersing poles in a running stream or in tidal saltwater, although this would obviously be easier to do horizontally than vertically!
A real good book on the subject is Victor Cusak's Bamboo World, and Bamboo Rediscovered. I think I have those titles correct. Probably available from your local library, if indeed your local library hasn't sold all the books and replaced them with computers that will wear out in 5 years.
caretaking 14 acres of ridge and gully land at Huelo, Maui. 400-500 ft above sea level
wet tropics/subtropics