The 5 headed Cobra is under complete control of Lord Vishnu while in our case, we are under complete control of the multi-headed cobra.
What is five headed cobra? Cobra is our mind that hisses through its 5 heads (5 sense organs) or call it a multi-headed cobra that expresses through various passions or modifications of mind like: Kama (lust), Krodh (anger), Lobh (greed), Moh (attachment), Ahankar (ego) and Matsarya (envy).
** Lord Vishnu: See these pictures of Lord Vishnu resting in Paramanand (supreme bliss) on the Cobra. This happens only when one is in control of the mind. The harmless cobra in this case symbolizes that Lord Vishnu has overcome the desires and is in full control of Prakriti, or maya and its various modifications. This is a state of Bliss...Eternal Bliss **