Two-way replication between SQL Server 2005 and SQL Server 2008 We currently have a SQL Server 2008 and SQL Server 2005 participating in one-way transactional replication of a single database.

If possible we would like to set this up as a Two-way replication. What would be the preferred method of replication to achieve this? There is a moderately high latency between these servers. However, the growth of the database to be replicated is minimal.
From your comment update, it sounds like Merge replication could work well for you, mostly due to the minimal updates. It's a lot simpler to set up and manage than two-way transactional (which is what the scary link I mentioned deals with--I should have left that for later).

In a nutshell: https://blogs.technet.microsoft.com/meamcs/2011/01/06/merge-replication-step-by-step/