Sorry, I was half asleep when I initially replied to the thread. The MOSFET still works in both directions. If the gate is at 0V and the "drain" at 5V, the MOSFET will be on, bypassing the body diode. Note the use of quotation marks for the drain, in the previous sentence is because it will be acting as the source.
The reason for using the MOSFET, over just a Schottky diode, is lower voltage drop.