// this function add custom interval (5 minutes) to the $schedules
function five_minutes_interval( $schedules ) {
$schedules['five_minutes'] = array(
'interval' => 60 * 5,
'display' => '5 minutes';
);
return $schedules;
}
// add a custom interval filter
add_filter( 'cron_schedules', 'five_minutes_interval' );
// Schedules a hook
wp_schedule_event( time(), 'five_minutes', 'my_event' );