If you want to minimize it as much as possible you can also remove the brackets of the if-statement. In PHP and in many other languages, if there is single line execution in a statement, you can remove the brackets.
So the minified version would be:
if ($validator->fails())
return Redirect::back()
->with('error_code', 5)
->withErrors($validator->errors())
->withInput();
return Redirect::back();
You could also rewrite it using Ternary Operator in the following manner:
return $validator->fails() ? Redirect::back()->with('error_code', 5)->withErrors($validator->errors())->withInput() : Redirect::back();
Lastly I would like to point out that the best way to write code is not necessarily to write it as minified as possible. My example with the Ternary Operator above is a good example, does it really make it more readable to minify it like that? No.
Refactoring this type of statements should be done to make it easier to see and read what the statement actually do. Its not necessarily a bad thing to have an else {} the way you have in your original example.