How do I activate the Click Track in Cubase 5

Hit F4 and check your I/O Settings. On the outputs tab there is a 'Click' column. Make sure 'Click' is checked next to your Main Outs.

Yes, in Cubase you have to manually assign which outputs the click goes to from a window completely unrelated to the click itself.
 
Hit F4 and check your I/O Settings. On the outputs tab there is a 'Click' column. Make sure 'Click' is checked next to your Main Outs.

Yes, in Cubase you have to manually assign which outputs the click goes to from a window completely unrelated to the click itself.

It has always gone to the master bus for me on default settings/fresh install...