I think the following code solves your problem:
list={"time","Snow","mother","queen","stepmother","magic","day","queen","huntsman"};
f=list[[1]];
{Button["Previous",
list=RotateLeft[list];list=RotateRight[list]; f=list[[1]]],
Button["Next",
list=RotateRight[list];list=RotateLeft[list]; f=list[[1]]]}
Dynamic[f]