Cuts around ring curls (5)
I believe the answer is:
loops
'curls' is the definition.
('loop' can be a synonym of 'curl')
'cuts around ring' is the wordplay.
'cuts' becomes 'lops' (lopping is a kind of cutting).
'around' indicates putting letters inside.
'ring' becomes 'o'.
'lops' enclosing 'o' is 'LOOPS'.
(Other definitions for loops that I've seen before include "Twists" , "Winds" , "Oval-shaped single coils, in a piece of thread perhaps" .)