We model the Class I source L1551 IRS 5, adopting a flattened infalling envelope surrounding a binary disk system and a circumbinary disk. With our composite model, we calculate self-consistently the spectral energy distribution of each component of the L1551 IRS 5 system, using additional constraints from recent observations by ISO, the water ice feature from observations with SpeX, the SCUBA extended spatial brightness distribution at sub-mm wavelengths, and the VLA spatial intensity distributions at 7 mm of the binary disks. We analyze the sensitivity of our results to the various parameters involved. Our results show that a flattened envelope collapse model is required to explain simultaneously the large scale fluxes and the water ice and silicate features. On the other hand, we find that the circumstellar disks are optically thick in the millimeter range and are inclined so that their outer parts hide the emission along the line of sight from their inner parts. We also find that these disks have lower mass accretion rates than the infall rate of the envelope.

38 pages, 13 figures. To appear in ApJ (v586 April 1, 2003 issue)