Based on the second-order coherence function, we have studied a phase-conjugate ultrafast modulation spectroscopy due to the interference between the fifth- and fifth-order optical olarizations in cascade three-level Doppler-broadened system. It is found that the temporal behaviour of the beat signal depends on the stochastic properties of the lasers and the transverse relaxation rate of the transition. The beat signal depends on the second-order coherence function, which is determined by the laser line shape. Since different stochastic models of the laser field only affect higher than second-order coherence functions, they have little influence on the general temporal modulation behaviour of thebeat signal. The cases that pump beams have either narrow band or broadband linewidth are considered and it has been found that for both cases the overall accuracy for the energy-level difference measurement is determined by the homogeneous linewidths of the optical transitions. Finally, the spatial modulation behaviour of the beat signal has also been discussed.