Flywheel part number difference?
 

Looking at part numbers for my '07 Cayman S and the diagram is showing two...

986.114.012.06 model M97.20 I 480

986.114.012.05 model M97.20 I 481

What's the difference?

The first one ending in 480 is for the 6 speed, the second is 481 for the 5 speed. These numbers represent option codes. You can verify by checking the option code sticker either stuck to the bottom of the front hood or in the front page of your maintenance book. Should be in the maint book assuming your dealer did their job. Or simply call the dealer with your VIN handy. Good luck

Yep, the longer model numbers had me a bit confused. I've seen the I 480 and I 481 before in the PET.