Green or red male's pants (7)
I believe the answer is:
emerald
'green' is the definition.
(I've seen this before)
'red male's pants' is the wordplay.
'pants' is an anagram indicator (UK informal term for 'nonsense' or 'rubbish').
'red'+'male'='redmale'
'redmale' with letters rearranged gives 'EMERALD'.
'or' is the link.
(Other definitions for emerald that I've seen before include "Precious green stone" , "On of the Greens" , "Ireland is often called The .......Isle" , "a type employed by the press" , "Precious gemstone" .)