https://openacs.org/doc/current/individual-programs.html
I have OpenACS 5.0.4 working with AOLServer 4.5. I would have opted for 4.0.10 if I was aware of problems.
aolserver 4.5 requires OpenACS 5.2
The page, you are pointing to, is not mentioning aolserver 4.5.
I didn't know AOLServer 4.5 was incompatible with OpenACS 5.0.4 and earlier. When upgrading I had an issue with the content type for text/html. This hack/patch enabled me to upgrade to OpenACS 5.2.3: http://www.mail-archive.com/aolserver@listserv.aol.com/msg10006.html