2-phase 5 wire (4 hot 1 neutral) sounds like 3 phase and it seems to me that one needs to know if the source is a Delta or Wye connected secondary depending on what the voltage is being transformed into. A delta supply could have 240 volts between phases with one coil center tapped between two phase lines creating a neutral of 120 volts between the lines of the center-taped coil, but 208 volts from the neutral to the third leg. That "208 volts from the neutral to the third leg" is known as the high leg and is required by code to be marked as such. A Wye connected source with neutral could have 208 volts between phases, but in this case would have 120 volts from one of the 3 phase to neutral. The characteristic of the supply transformer is indicated by the phase to phase and phase to neutral voltages. Depending on what the single phase motor has been wired for, 120 or 240 volts, and the demand cycle determines the calculations to select conductor size, over-current device size and type, overload size, and the equipment grounding conductor size. If the motor is rated for only 120 volts, a single phase breaker would work.
A two phase systems would have a floating neutral problem with the voltages 90 degrees out which may be why they were phased out and replaced with 3 phase systems where voltages are 180 out and hence the neutral can be derived by center tapping one of the windings.