C51: Newer version creates larger code??

I have 3 projects that I am porting from an old uV4 toolset to newer uV5 toolset. In all cases the new code is 5% to 10% larger and this is causing some issues.  As far as I can see, all the settings match. Is there something I am missing here, or is this a known issue with the newer tools?? Some of my projects are VERY tight for space.

Example: Old then New

C51:    BROWSE DEBUG OBJECTEXTEND PRINT(.\lst\*.lst) TABS (3)
A51:    SET (SMALL) DEBUG PRINT(.\lst\*.lst) EP

Program Size: data=54.0 xdata=945 code=6164

IDE-Version: µVision V4.72.9.0

Tool Version Numbers:
Toolchain:        PK51 Prof. Developers Kit  Version: 9.52.0.0
Toolchain Path:    C:\Keil\C51\BIN
C Compiler:         C51.Exe       V9.52.0.0
Assembler:          A51.Exe       V8.02b
Linker/Locator:     BL51.Exe       V6.22
Librarian:             LIB51.Exe       V4.29
Hex Converter:      OH51.Exe       V2.7.0.0
CPU DLL:               S8051.DLL       V3.91.0.0
Dialog DLL:         DCYG.DLL       V2.72.0.0

C51:    OPTIMIZE (8,SPEED) BROWSE DEBUG OBJECTEXTEND PRINT(.\lst\*.lst) TABS (3)
A51:    SET (SMALL) DEBUG PRINT(.\lst\*.lst) EP

Program Size: data=54.0 xdata=945 code=6405

IDE-Version: µVision V5.25.3.0

Tool Version Numbers:
Toolchain:        PK51 Prof. Developers Kit for SiLabs  Version: 9.59.0.0
Toolchain Path:    C:\Keil_v5\C51\BIN
C Compiler:         C51.exe    V9.59.0.0
Assembler:          A51.exe    V8.2.7.0
Linker/Locator:     BL51.exe    V6.22.2.0
Librarian:             LIB51.exe    V4.30.1.0
Hex Converter:      OH51.exe    V2.7.0.0
CPU DLL:               S8051.DLL            V3.122.0.0
Dialog DLL:         DCYG.DLL             V2.75.0.0