Display latest posts from categories

Ok, I have this so far:

<?php
		query_posts('cat=3');
		while (have_posts()) : the_post();?>
		<?php echo '<li>';?>
		<a href="<?php the_permalink(); ?>"><?php the_title(); ?></a>
		<?php echo '</li>';?>
<?php endwhile; ?>

this will display the latest posts in an unordered list from the category that has the ID of 3.

How can I limit so that only the last 5 posts would be displayed?

Thank you