Dry debate about toy (5,4)
I believe the answer is:
teddy bear
'toy' is the definition.
(teddy bear is a type of toy)
'dry debate about' is the wordplay.
'about' is an anagram indicator.
'dry'+'debate'='drydebate'
'drydebate' anagrammed gives 'TEDDY BEAR'.
(Other definitions for teddy bear that I've seen before include "Rupert, perhaps" , "Cuddly toy, named after President Roosevelt" , "Fetishistic toy" , "Maybe Winnie" , "cling to this for comfort?" .)