Hi, Simos, it could probably pass for the Regimentsfahne of any of the 20-odd regiments of the Bavarian army, at that standard of painting. There are a couple of things the painter could use to specify the regiment, particularly the button and lace colors, either gold or silver. The button color was carried to the color of the lace, so, on the cuffs and collar, and the color of the helmet fittings-the helmet plate and the spike, after the Bavarians adopted it. It would also be used on the ensign's sash, as a border to a red velvet center. Though in this case, it looks like the painter painted the sash as white and blue.
That this figure has the older Raupenhelm, with its woolen crest, also places the figure in time up to 1886, when the Bavarians gave up their traditional design for the Pickelhaube.
So as a short answer, yes, I'd say it could be the 5th regiment ("Grand Duke Ernst Ludwig of Hessen") stationed in Bamberg. If you or anyone has any kind of catalog or list from QMS, we might be able to see what they intended it to be. If they issued the figure or set as the 5th regiment, I'd say you have a match.
Hope that helps, prost!
Brad
