Once upgraded, a database can never be downgraded. Setting compatibility level only changes certain ways the query execution behaves, but has absolutely no impact on the physical format of the database: the 90 compatibility mode database is a SQL 2008 database, not a SQL 2005 one.
So if you need to deploy a database on SQL 2005 you must create it on SQL 2005. Not only that, but it has to be the same version of SQL 2005, meaning the same SP and CU level. Or at least a version that is earlier than the targeted server. So if the targeted server is SP1 CU3, then you can create the database on RTM any CU and on SP1, SP1 CU1, SP1 CU2 or SP1 CU3. But you cannot create it on SP1 CU4 nor on any post SP1 releases (like SP2). As I said, a database can be upgraded, but never downgraded.
You options are to either script out the database and the content into text SQL and then import the scripts into the target server, re-create the database on a proper SQL server version, or upgrade the target to 2008.