The connector is made for a 2 wire fan, so GND of the fan to PWM and the + wire to 5v.
Sorry I see I've made a mistake, actually I've connected:
FAN Connector
Black wire > 5V
Red wire > PWM
I've also just tested a pwm fan the same way without the yellow wire connected and does work correctly. But this fan needed different values than my other fan, so you'll need to test a few values.
Don't try to connect the red wire to another PWM pin than the one at the fan connector!
If it goes at full speed immediately at 50 degrees, lower the values of the following line:
cooling-levels = <0 65 75 85 95 100>;
If the fan only starts from 55 degrees, then raise the first value until it just starts to spin and add 1 or 2 to be more secure it will spin all the time at that level.
The following overlay should work with a pwm fan that's compatible with the Raspberry Pi (3.3v).
In this case 5v to 5v, gnd to gnd and pwm to pwm14m2
sudo armbian-add-overlay orangepi-5-plus-pwm14m2-fan.dts
Don't forget to remove the previous overlay from /boot/armbianEnv.txt
After editing the values just run the above armbian-add-overlay command again and reboot.