Text (4th+errata): Look at the top five cards of target player's library. You may then have that player shuffle that library. [Oracle 2001/08/24]
You cannot rearrange the cards. You put them back in the same order or you shuffle the whole library. [bethmo 1994/08/31]
If there are less than 5 cards in the library, you look at whatever ones remain and you still get the option to shuffle. [Duelist Magazine #6, Page 130]
This is not a draw and will not cause a player to lose if there are less than 5 cards in the library. [Duelist Magazine #6, Page 130]
Extended tournaments (see Rule 913) have banned this card since 1999/10/01.