At one time, they actually offered sizes from 5.50 to 5.55. My guess is that was too much of a range, so it was narrowed down to the two diameters that you mentioned (most popular?).
Many/most barrels seem to prefer something in the 5.52mm range, although if you measured the entire tin, not all would actually BE 5.52mm from my experience. Most seem to run larger than stated on the label.
I like the .22 caliber, 21.14gr, H&N Baracuda Match Pellets, they work well in 5.52mm, but again, the bulk are likely closer to 5.53-5.54mm.
If you choose to do so, you can run a large pellet through your barrel and measure to see the approximate diameter of that particular barrel and know about which one to buy.
I usually simply lightly tap a 'standard' pellet with a hammer to bulge it out a tad, lube it slightly, then push it through the barrel with a coated rod. If your barrel is choked, then you don't want to push it completely through as the choke will make it much smaller than the rest of the barrel. So, stop before the choke and push it back to the breech.
mike