The gate is drawn backwards... it's supposed to leave the symbol on the 'source' side..
There is no compensation for a series of two voltage gain stages, so you're pretty much guaranteed oscillation. It might not be high amplitude with the filter cap out there, but it most likely won't be stable.
Why choose a BS170 for the gain stage? A BJT (e.g. 2N3904) would be better, with a quite large emitter degeneration resistor so that its voltage gain is small.
The IRF4905 will have over 6nF Cgs and Cdg, each. R2 gives a time constant around 80us, which will dominate the loop's high frequency range. Although Cdg is large, C2 presumably does a good job shunting rapid changes, so that Miller effect isn't a big deal.
Why choose TL081 for the error amp? The voltage headroom is small, and the output voltage range is hardly even enough for a BS170, let alone the full range of the suggested BJT substitute. Input common mode range is 3V from negative supply, includes positive supply; output range is 1.5V inside of both rails. A RRIO like TLV2371 would be better suited, and by flipping the input terminals, can be used to directly drive the PMOS (well, with a modest series resistor).
To apply compensation, you'll need feedback from the dominant gain node. As shown, you don't have one, you have two -- like I noted before, two voltage gain nodes. This has to be compensated by making one much faster, or one much slower.
The "one faster" route would involve, first, driving the PMOS with a complementary emitter follower buffer, so the BS170 drain voltage swings quickly and freely. Then making it proportional, by applying shunt feedback (series resistor from op-amp output to BS170 gate, resistor from gate to drain), or current feedback (source degeneration), to stabilize the voltage gain at a modest level, perhaps 1-3 x. As mentioned, a 2N3904 will be easier to work with.
The "one slower" route would require running the error amp at low, proportional gain, and actually using the BS170 as the compensated error amplifier. Its gain node is already slowed down, so as long as total loop gain is modest at high frequencies, it won't oscillate. The dominant capacitance of the PMOS gate will give plenty of phase shift, though, so that not much phase shift can be tolerated elsewhere -- likely, C2 will need ESR such that the zero formed at C(C2) * R(C2) has the same time constant as the gate. 80us/220uF = 0.37 ohm, which isn't unreasonable for an electrolytic.
Tim