Well, don't use **M** or **B** , those are already taken ( **C** or **A** , and **not A** , respectively). You can see the full list here: < (The enWiki article on Nucleobases lists a few others but I would ignore those as 1. D is present in both and 2. they are rare and inapplicable)
5-methylcytosine isn't on there. If you want to be pedantic about it, 5-methylcytosine is an epigenetic marker and as such is by definition _not_ a genetic sequence; that remains simply a C and, genetically, the _sequence_ is the same, despite the fact that it may indeed make a difference.
Most of the time people use m5C, so I'd go with **5** if I were you. That certainly isn't used for anything else and if you must use a single character most anybody will know what you are talking about.