How to divide 24h in 5 minutes and add them to a dropdown

How to divide 24h in 5 minutes and add them to a dropdown

I would like to create a dropdown with 5 minute options like 00:00,00:05,00:10....23:55
I do not want to keep these values as records and then to fetch them using a lookup field as it will keep hundred of records in my database. Except of I fill it with the 'for' loop and using ui.add but without keep these values in the database. Just only to load these values in the On Load.
Which is the easiest way to fill this dropdown? Via deluge (if it is possible) or will I add them one by one?
If there is no way with deluge and I will do it with the second way which is the limit of the dropdown options?