Router bit
 

What bit do you recommend if I am putting in bullring mounts in my 5.5 bed?

http://www.bullringusa.com

I bought mine off Amazon.Com
Other members have them as well.

Any idea the size I was going to go to lowes if possible

I have one if you're interested. Bull ring router bit.

Did you have to use their router?

I ordered bullrings over a year ago and still haven't put them in. Seems stupid to buy a router and bit to put them in. Can it not go into a drill?

Yes if you want to risk making a jagged uneven hole, most people would rather go the safer route and use the router.

You could use a drill but you'd have to keep the bit vertical the whole time. If you tilt your drill out too far you could open the top of the hole up too much.

I've got a router I'd sell too, lol. $40 shipped. Worked great for mine.

I used a drill bit because I got the holes started and then realized I had leant my router out. It was not pretty, but the flange on the bull ring covers up the imperfect cuts.
Like I said, it was certainly not planned this way, but they are much better than the clip-on tie downs I had. You should use a router bit - but you don't have to.

I am actually more irritated at the indentation it puts in the rail cover and i probably should have put shims in for spacing - but they do exactly what they are supposed to.

I gave up on them haha. Ford couldn't be consistent and make the covers the same for the different bed choices... I'll do it if I get time.