Step 1: Oxidation during acetylation.
During the conversion of pyruvate into acetyl-CoA (acetylation), one oxidation step occurs where NAD$^+$ is reduced to NADH. Step 2: Oxidation steps in Krebs cycle.
In the Krebs cycle, four oxidation steps occur where NAD$^+$ and FAD are reduced to NADH and FADH$_2$ respectively. Step 3: Total oxidation steps.
One oxidation step during acetylation + four oxidation steps during Krebs cycle = total of five oxidation steps. Step 4: Conclusion.
Hence, the correct answer is (D) Five.