According to KB VMware KB: Windows 8 / Windows Server 2012 Operating System does not boot or install on ESXi or ESX
Windows 2012 is fully supported on ESXI 5.0 IF you have the appropriate update to build 821926. Since you indicate you can't select Windows 2012 as an OS, I'm suggesting you don't have that update installed.
In short, I don't believe it's at all appropriate to run Windows 2012 on your environment without updates.
If you're going to apply updates, of course it makes sense to apply the latest and install Update 2.