While the game might give you the option to choose level 5 spells, the ESA reduction will effectively make you unable to cast any level 5 spells because all your slots of that level will be removed unless you can get your adjusted attribute score up to/over 15.
So as far as determining whether or not your character is elligible to cast a certain level of spell, it looks only at your base, unadjusted stat. As far as determining if your character is able to cast a certain level of spell, it uses your adjusted stat.
The reason it works this way is that NWN has no real support for subraces, so any subrace adjustments have to happen at game time. As such, the engine sees these adjustments as artificial and does not take them into account for things like spell casting elligibility, requirements for feats, etc.
Hope that clears things up.