Here is a neat little circuit that was used in an actual project a long, long time ago (in a galaxy far, far away…).
The requirement was to build a divide by 5 circuit for the clock with 50% duty cycle. The initial (on reset) behavior was not important – i.e. the circuit could wake up in an undefined state, but should have settled after a given time. The engineer produced the circuit below:
Basically, the circuit is made out of a 3-bit counter, that counts from 000 to 100 and then resets. Signal ‘X’ goes high when the value of the counter is either 000, 001 or 010.