Jason's answer is correct, but you can perform this operation in one LINQ operation.
List list = new List() { 1, 1, 2, 2, 3, 4, 5 };
// return most frequently occurring items
var query = from i in list
group i by i into g
let maxFreq = (from i2 in list
group i2 by i2 into g2
orderby g2.Count() descending
select g2.Count()).First()
let gCount = g.Count()
where gCount == maxFreq
select g.Key;
// dump to console
foreach (var mode in query)
{
Console.WriteLine(mode);
}