One medium knife, say up to 3/16" thick and 8" long - I used a bread pan for large loafs for a while. It got hot fast and would only do a smaller knife but was just fine for one. Two gallons would be better. I'd look for an upright cylinder if I had to do it again.
Bigger or thicker knives really need a decent volume especially if you are doing few.
I like to make a day of heat treating and have 2 oil quenching setups, when the first 5 gallons gets too hot I switch to the next.
I'm now using more air hardening steels and the 1" plates get hot fast, I cool them a lot. I'm trying to use lots of air hardening and water hardening steels for a few reasons. It's nice to have a 15 gallon quench tank with water (brine) too, it's cheap! Wear a respirator if you plan on oil quenching a few blades, it is very hard on the lungs. Eye protection for debris and uv is smart as well as a thick leather apron and gloves.
Be sure to gear your oil for the steel you are using!
5 gallons is a great amount to have, it is economical to buy in that quantity.