Fine sprightly elf-like creature (5)
I believe the answer is:
fairy
'elf-like creature' is the definition.
(magical creature similar to an elf)
'fine sprightly' is the wordplay.
'fine' becomes 'f' (abbreviation).
'sprightly' becomes 'airy' (I've seen this before).
'f'+'airy'='FAIRY'
(Other definitions for fairy that I've seen before include "Magical being" , "Tinker Bell was one" , "Cobweb, perhaps" , "Creature of folklore" , "Eg, Tinkerbell" .)