Favour old person like me cycling! (7)
I believe the answer is:
rosette
'favour' is the definition.
('favour' historically meant a token of affection)
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for rosette that I've seen before include "shape for diamonds" , "Cockade" , "Horse show award" , "Political supporter's ribbon" , "Type of award" .)