Keep in mind that wheel hop in the 5 speed is the same as wheel spin in the auto. both choices mean you have no traction so BACK THE F OFF THE GAS!!
Just had to do it, as if you are not careful, and allow wheel hop to continue, you could break something serious like the output shaft of the transmission.
Like Mr. AsScLoWn said, worn bushings and components in the rear make the wheel hop worse. Though even with all that stuff brand new, wheel hop can be an issue with the 5 speeds.
Some possible solutions have been proposed, and we haven't had final results posted on any of them. Ranging from a second set of shocks, to stiffer subframe mounts. Wheel hop in our cars is not up and down, but eliptical in a forward to backward motion.