Decoration one’s oft put around (7)
I believe the answer is:
festoon
'decoration' is the definition.
(festoon is a kind of decoration)
'one's oft put around' is the wordplay.
'put around' indicates an anagram.
'ones'+'oft'='onesoft'
'onesoft' with letters rearranged gives 'FESTOON'.
(Other definitions for festoon that I've seen before include "swag" , "Decorative chain" , "Ornamental garland" , "So often (anag.)" , "Adorn (with garlands?)" .)