 Solution

Put $h(r)=1-\mu /r^2$. For the equatorial geodesic, the geodesic Lagrangian is $\mathcal{L}=\frac{1}{2}[-h{\dot{t}}^2+h^{-1}{\dot{r}}^2+r^2{\dot{\varphi }}^2]$, where dots denote derivatives with respect to the affine parameter. The cyclic coordinates $t,\varphi$ give constants $p_t=-h\dot{t}=-E$ and $p_{\varphi }=r^2\dot{\varphi }=L$. A third constant is the tangent norm $g_{ab}{\dot{x}}^a{\dot{x}}^b=-\kappa$, preserved by the geodesic equation and metric compatibility. For a timelike geodesic rescale the affine parameter to proper time so $\kappa =1$; for a null geodesic $\kappa =0$.

Substitute $\dot{t}=E/h$, $\dot{\varphi }=L/r^2$ into the norm identity and multiply by $h$. It gives the effective potential equationOutside the horizon $r=\sqrt{\mu }$, its derivative is $V^{\prime }=-(L^2-\kappa \mu )/r^3+2\mu L^2/r^5$. A nontrivial circular null geodesic requires $L\ne 0$, givingFor a circular timelike geodesic,At it $V^{\prime \prime }=-4\mu L^2/r^6<0$, and its radius exceeds $\sqrt{2\mu }$. If $L^2\le \mu$ no finite circular timelike radius exists. Thus all finite circular null and timelike orbits in this five-dimensional exterior are radially unstable. The energy of a circular orbit is fixed by $E^2=2V(r)$, not independently arbitrary.

For comparison, with four-dimensional Schwarzschild horizon radius $r_s$, the photon circle is at $3r_s/2$ and is unstable. Circular timelike orbits exist for $r>3r_s/2$; they are unstable below $3r_s$, marginal at $3r_s$ and stable above $3r_s$. The five-dimensional potential has no corresponding stable outer circular timelike branch.