Here’s how to set up and play PSVR on the PS5. The PlayStation VR is a virtual reality system for the PS4, and has been confirmed via Wired to be Backwards Compatible with the PlayStation 5. The PlayStation VR includes a headset, external Processor unit, inline remote, and connecting cables, and relies on the PlayStation Camera.
The HD Camera for PS5 will not work with PSVR. You need the PlayStation Camera (PS4)
PSVR adapter for PS5
In order to play PSVR on your PS5 you’ll need to have a special adapter. This cannot be purchased anywhere, instead you need to fill out a form and hope Sony sends it to you as receiving the device is not guaranteed.