Coffee: second of two cut (5)
I believe the answer is:
latte
'coffee' is the definition.
(I've seen this before)
'second of two cut' is the wordplay.
'second of two' becomes 'latter' (I've seen this before).
'cut' means to remove the last letter.
'latter' with its last letter taken away is 'LATTE'.
(Other definitions for latte that I've seen before include "Type of coffee" , "frothy cup" , "Coffee with a topping of frothed steamed milk" , "Italian word for milk" , "Espresso added to frothed steamed milk" .)