Yes, the regulator does drop the voltage it outputs to 5 volts, but when it is in the circuit, my supply voltage to the rest of the circuit drops down to about 6.3v. That means that the voltage fed to pin 8 of the dual op-amp (NE5532 in my case) is only at 6.3 volts when it should be 9. In addition, the voltage fed to the non-inverting input on one side of the op-amp is also not what it should be.
Something is pulling my voltage down, but I can't quite figure out what it is. When I remove the 78L05, the supply voltage is back to 9 volts, when the regulator is in the circuit, it reads 6.3v. I have tried another regulator and also another PT2399 with the same results.
I just thought someone might have had a similar issue, or be able to point me in the right direction.