Cardio intervals

Hi there folks. I have a question about cardio interval training in the pool. I've been doing water jogging. I am not sure if it's better to run for 2 minutes then do another couple of minutes of other aerobic activity, or jog for 5 minutes straight and then do other activities for another 5 minutes. In terms of brining your heart rate up and down, is there one system that would work better? I have to say that doing each for 5 minutes seems easier for me because it's hard to keep watching that seonds hand clock and switching up every couple of minutes but if that is better for me, I'm wiling to give it a shot.

Thanks!