I am new to installed Unity 5. where i have some problem in code.
if (transform.parent.rigidbody)
parentMagnitude = transform.parent.rigidbody.velocity.magnitude * 0.05f;
You can't access rigidbody
with your old shorthand code.
Rigidbody rb = transform.parent.GetComponent<Rigidbody>();
if(rb != null) {
parentMagnitude = rb.velocity.magnitude * 0.05f;
}