can you give the exact line of cron job? I tried this:
date=`date +%Y%m%d_%k%M`
mysqldump -uroot -p12345 -h127.0.0.1 db | gzip > /home/ubuntu/root/db_$date.sql.gz
and it worked for me, may be there is some problem with your cron!!
To run every 5 minutes this is the syntax:
*/5 * * * * sh /home/ubuntu/root/backUpScript.sh