You are upset to a degree that surely has gotten your son's alarmed attention, and sending him to bed a couple of hours early is an unusually long "time out" for a five-year-old. Don't you think he's been adequately punished? I doubt very much that he'll repeat that performance, and I hope that's your main wish in devising a punishment that fits the crime.
If you wish to drive the screw deeper for the purpose of creating a sense of shame in your child, I expect the ongoing suspension of privileges will help accomplish that, especially when he begs and you withhold, reminding him yet again why he's being punished. But the energy surrounding that scenario is dark and damaging. Shame is not the same thing as conscience, and tends to motivate all kinds of destructive behavior in children and adults.
If I were in your shoes, I'd want to know why I became that furious. It sounds like your son's comic behavior (and it could have been exactly that, to him) has triggered something in you that might be a little over the top (I hope you will excuse my bluntness – my intention is compassion for all persons involved in this). I wonder if you might have a memory connected to deep shame from your own childhood?
You know, parents do well to find opportunities to model forgiveness, too. We insist that our children apologize for all kinds of offenses (whether they actually feel sorry or not), but how often do we show them that we can express regret for our own behavior? A parent saying, "I'm sorry, sweetie, I overreacted last night because I felt so angry," is something kids rarely get to see. And it is an incredibly healing and instructive behavior to model.
I hope you'll consider doing this, and giving him back his privileges, which are more likely to become a source of ongoing resentment than an ongoing opportunity for him to reflect on his crime. He is not yet six years old, and his brain handles everything in a much more immediate way.