I would expect that the most accurate way to cut a small taper angle would be to turn on centers with an offset tail stock. Accurately cutting a taper requires a smooth cutting motion and the ability to accurately set the angle. The most accurate way to set a taper angle is using a sine bar. The sin(5.895º) x 3" is .3081" while the sin(5.890º) x 3" is .3079". Reading the offset to +/- .0001" resilts in a possible error of +/- .005º.
Turning on centers has limitations though. The angle is limited due to the ability of the center to engage the center drilled socket. The part also has to be accurately center drilled on both ends which is not always possible
A second choice would be using a taper attachment. There will be some potential added error due to the slip fit of the taper attachment. Also, any stiction in the cross slide could cause some local variation in the cut This is due to the offset nature of the hand crank biasing the compound slide first to on side and then the orher.
Last would be using the compound. Limited movement requires more precise measurements and any slop in the compound ways creates the cyclic pattern that benmychree described. That said, I recently had the need to cut an MT2 taper and used the compound. It was a PITA to set the angle properly but eventually, I got it right. The finish was excellent, actually surprising for a hand turned crank and checking with bluing, the angle was dead on. I wouldn't guarantee that it was +/- .005º though. I run my compound ways fairly tight which I attribute to the excellent finish. Also, the stock, although of unknown alloy, was most likely a free machining steel.