These five kinds of thought-waves are: right knowledge, wrong knowledge, verbal delusion, sleep and memory.
As we'll be going through each of the abovementioned thought-waves one by one, I'll only say a few things here.
First: While I question whether these are the only thought waves, and whether all of these are properly framed, I've found this taxonomy to be extremely useful in my life. I refer to these different kinds of thought waves often in conversations with folks, and even more often they'll be unstated but involved in my analysis of different sorts of thinking.
Second: To me this aphorism is a great example of one of the core differences between Yogic science and Western science - Yogic science typically acknowledges and relies on subjective experience, whereas Western science often goes to great lengths to avoid mention of subjective experience. There's a whole separate ramble on that, but I'll save it for another time.