The snippet will have to run will run every 5 minutes starting from minute it was launched but will run again starting from the minute it was first launched. For example I launded it at 5:54 PM, it will run again at 5:59 PM and then next at 6:54 PM then at 6:59 PM. Not a very good idea.
If you will have to use a scheduler that will have to run every X minute, consider using simple triggers. The default start time is from the time it was launched but he start time and end time can also be defined.