Cold on trail in street (8)
I believe the answer is:
crescent
'street' is the definition.
(crescent-shaped street)
'cold on trail' is the wordplay.
'cold' becomes 'c' (eg on taps).
'on' becomes 're' ('on' can be mean 'with reference to').
'trail' becomes 'scent' (an animal's trail is its scent).
'c'+'re'+'scent'='CRESCENT'
'in' is the link.
(Other definitions for crescent that I've seen before include "Shape of waxing or waning moon" , "Phase of the moon" , "Shape of new moon" , "New moon shaped" , "Way" .)