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오륜 means "five rings". When Koreans are just talking about things in general, and they want to then talk about Olympic symbols, do they just say "five rings", or do they say "Olympics five rings". i.e.: to a Korean, do 오륜 mean ONLY the Olympic rings?
The first thing that comes up is the five constant virtues (五常 or 五倫, which latter just happens to have the same sound as 五輪 here in Korean): https://en.wikipedia.org/wiki/Three_Fundamental_Bonds_and_Five_Constant_Virtues which are benevolence (인 仁), righteousness (의 義), propriety (예 禮), wisdom (지 智), and trustworthiness (신 信), or as Confucius has it:
父子有親(부자유친): a father's closeness to his child
君臣有義(군신유의): a lord's righteousness to his retainer
夫婦有別(부부유별): a husband's independence from his wife
長幼有序(장유유서): the elderly's putting in order of the youth
朋友有信(붕우유신): trust between friends
There's also The Book of the Five Rings by MIYAMOTO Musashi: 오륜서 where this exact term 五輪 represent the five Buddhist elements: earth, water, fire, air, and void. It's not commonly used, though, and only for what they symbolically represent. What we think of rings in the Olympic rings, the actual shapes, are called (5개의) 원 or (5개의 얽힌) 고리 as they're (five linked) loops, and rings for your fingers are (5개의) 반지.
Oh, and I forgot to mention, it's 오륜 only as a name, otherwise they'll write it 5륜 (5輪) which gets things with five wheels (or five flowers). Sorry for the length . . .