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Each site has a PR of 5
My question is this...
Is it best to link to a few of the sites in a carousel fashion or to link matrix style, ie every page to relative content on each other site.
Which method would generate maximum PR?
and welcome to WebmasterWorld.
PR, Pagerank, is on a Page basis.
Each page receives its own inbound external links and thereby its Pagerank.
Linking inwards throughout your pages and sites just distributes that Pagerank.
Too much interlinking with straight links over several sites could lead to some sort of penalty. You can always use javascript links if you are scared it is going too far.
I would suggest you check the threads on Pagerank and cross-linking.
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You know what my best SEO technique has been throughout the years? Pretending the engines aren't there.....