It should work with TB1/2 as well , since Thunderbolt standard between devices is just a network connection.
I remember reading, albeit a long time ago, that TB1/2 don't have enough bandwidth to drive the 5K Display and that was one of the reasons that Apple dropped Target Display mode in the 4K and 5K iMacs.
Mac Performance Guide says 4K display requires 14Gbps and 5K display requires ~22Gbps... so even TB2 wouldn't have enough throughput for the 5K iMacs it seems.