>>>In the wizard:
>>>1. Select your DB
>>>2. Check "Script all objects in selected database"
>>>3. Click on Next
>>>4. On the next window set ALL desired options esp: Script for Server Version
>>>5. Follow the wizard.
>>>
>>>Then save the generated script and run it on SQL Server 2005.
>>
>>And then we also may need to import data, if the database contains any data already. Unfortunately, there is no other way to "downgrade" the database otherwise.
>
>
>SQL Server 2008 has ability to script the data also :-)

You're absolutely right, I've just checked this Wizard and it has a lot of options.

http://forums.asp.net/p/1401680/3035474.aspx#3035474