Coloured liquid, methinks not ink (5)

I believe the answer is:

meths

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'coloured liquid methinks not ink' is the definition.
I can't tell whether this definition defines the answer.

'methinks not ink' is the wordplay.
'not' is a deletion indicator.
'methinks' with 'ink' removed is 'METHS'.

Can you help me to learn more?

(Other definitions for meths that I've seen before include "Spirit" , "unsuitable alcohol" , "Fuel" , "Methylated spirits (colloq.)" , "Violet-coloured alcohol" .)

I've seen this clue in the Evening Standard.

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