You can do this using list comprehensions and min() (Python 3.0 code):
>>> nums = [1,2,3,4,5]
>>> [(x,y) for x in nums for y in nums]
[(1, 1), (1, 2), (1, 3), (1, 4), (1, 5), (2, 1), (2, 2), (2, 3), (2, 4), (2, 5), (3, 1), (3, 2), (3, 3), (3, 4), (3, 5), (4, 1), (4, 2), (4, 3), (4, 4), (4, 5), (5, 1), (5, 2), (5, 3), (5, 4), (5, 5)]
>>> min(_, key=lambda pair: pair[0]/pair[1])
(1, 5)
Note that to run this on Python 2.5 you'll need to either make one of the arguments a float, or do from __future__ import division
so that 1/5 correctly equals 0.2 instead of 0.