There's no single answer to where a Mustang ranks among the fastest cars. The ranking depends heavily on *which* Mustang you're talking about (there are many models and years, with varying engine options and performance packages) and *how* "fastest" is defined (top speed, 0-60 mph time, quarter-mile time, lap time on a specific track, etc.).
A base model Mustang will be significantly slower than a high-performance Shelby GT500, for example. Therefore, to give you a meaningful answer, you'd need to specify the exact Mustang model and year.