It may exist, as a workprint in a warehouse somewhere, but if it does, it has never leaked.
Don't expect more than literally a few worthy minutes of new material in it, however. If the long version does exist, it's apparently a first cut. Remember that a 5-hour long *first cut* is not a 5-hour long *director's cut*. If this is a first cut, it's much less likely to be like e.g. the long cuts of "Apocalypse Now" or "Waterworld", with literally half an hour of new scenes, and more like the first cut of, e.g., "Creepshow", with much of the additional two hours probably consisting of little more than alternate takes and prolongued versions of sequences that are already in the movie.
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