RX J0806+15: the shortest period binary?

The X-ray source RX J0806+15 was discovered using ROSAT , and shows an X-ray light curve with a prominent modulation on a period of 321.5 s. We present optical observations in which we report the detection of its optical counterpart. We find an optical period consistent with the X-ray period. We do not find convincing evidence for a second period in the data: this implies the 321.5-s period is the orbital period. As such it would be the shortest period stellar binary system yet known. We discuss the nature of this system. We conclude that an isolated neutron star and an intermediate polar interpretation is unlikely and that a double degenerate interpretation is the most likely.