You don't have an s95 problem, or even a CS5/ACR problem. You have a CZAHAROP problem. One could give some general advice, but what you really need to (must) do is get a good book on Camera Raw and learn what it's all about and how to use it. The default settings in Camera Raw are likely to produce images that look awful. It is you who must do the processing.
Meanwhile, if your color settings in CS5 are correct, your jpegs, out-of-camera, when opened directly in PS, should look just fine. So it sounds like you need to learn something about color management/color spaces as well. Till you do, set everything to be sRGB (camera, PS, ACR).
|Blue and yellow in water by fireplace33|
from Ink and water
|Kylmä joki kopio by Kaappo|
from Shutter speed 1/25 or slower
|WR_2.8_13 copy copy by photoprof|