I think how you go about inverting the series is to first do this:
$$x = y + \frac{x^3}{6} - \frac{x^5}{120} - O(x^7),$$
so that
$$x = y + \frac{1}{6}(y + \frac{x^3}{6} - \frac{x^5}{120} - O(x^7))^3 - \frac{1}{120}(y + \frac{x^3}{6} - \frac{x^5}{120} - O(x^7))^5 + O(y^7)$$
Then gather the terms of order less than $y^7$ and discard those $y^7$ and higher. If you still have terms with powers of $x$ that are multiplied by powers of $y$ with order less than $y^7$, substitute the first expression again until you don't.