As in distance, for throwing light baits like 1/16 oz, between a 5ft UL or 5'6ft UL rod, which one would cast the bait the farthest?

The longer the rod generally the longer that cast.

Why going with such short a rod?

For panfishing. I dont think I could cast light baits very far, like 1/16 oz, with a 6 ft spinning reel.

For panfishing. I dont think I could cast light baits very far, like 1/16 oz, with a 6 ft spinning reel.

Your wrong  , you can find many differant rods over six ft. that can throw 1/16 oz. lures. Check out BPS or CABELAS.

There are UL rods out there that are much longer and therefore can afford you longer casts.

You just have to loook for them. I have a 7' two piece UL rod from Okuma. I have seen them as up to and passed 9'.

For panfishing. I dont think I could cast light baits very far, like 1/16 oz, with a 6 ft spinning reel.

I have two inexpensive Browning rods, 2 piece 6' light/moderate action with matching Browning reels. I bought them as combos on sale at BPS. Spooled with 4# Trilene XL, I can throw a 1/16 oz. lure farther than I can effectively fish it.

To answer your question, all things being equal you will cast farther with the 5'6" rod.

I have a St.Croix Triumph TRS66LF that I can toss a 1/16th oz. a pretty fair distance.