We present subarcsecond resolution imaging of the lambda = 2.7 mm continuum emission from the young, embedded system L1551 IRS 5 using the nine-element, high-resolution configuration of the BIMA array. The observed emission arises from two compact sources separated by 0.'' 35, coinciding with the two sources seen at lambda = 2 cm and lambda = 1.3 cm. When the high-resolution data are combined with data from two compact configurations, L1551 IRS 5 is argued to consist of a protobinary system separated by similar to 50 AU with individual circumstellar disks, a circumbinary structure, and a large-scale envelope. The characteristic masses of the components are 0.024 M. for the northern circumstellar disk, 0.009 M. for the southern circumstellar disk, 0.04 M. for the circumbinary material, and 0.28 M. for the envelope.