what amspire says is correct, but if you can power the 741 off the 12v supply, not the 5 v supply, and sense high side it should be ok to use. Note that the opamp is a difference amplifier, the VCC voltage is not important, and thus the VCC to the opamp doesn't need to be well regulated. So you can power your op amp off the unregulated 12v - 14v automotive and you can power your circuit off the regulated 5V.
You can't sense low side because then the - input would be at 0 ( at the rail ) and that won't work. You need to sense high side, and then your + input is at 5v, your (-) input will be at max 50mv below that, and both inputs are well away from the ground and the +12 supply.
The 741 also has minimum of 1mv offset up to max 5mv, so you will get 2% - 10% current sensing error.
You can improve that to 0.2% up to 1% error by using a 1 ohm sense resistor, instead of a 0.1 ohm resister. This gives you 0-500mV at the opamp inputs for a 0-500mA input. If you do this, then your voltage drop across the sense resistor might be too high for the load (5V - 0.5V = 4.5V) and you need to compensate for this.
You can compensate for the voltage drop across the sense resistor if you change the the 5v regulator to give a little more than 5v to say 5.5 v, if your load can take the extra voltages when drawing less current (at lower currents the voltage drop will be less and the load will see more voltage). If the load is not voltage sensitive than it could work for you.