Happy to return with ring on greeting nobleman (7)
I believe the answer is:
'greeting nobleman' is the definition.
'hidalgo' can be an answer for 'nobleman' (I've seen this before). I'm unsure of the 'greeting' bit.
'happy to return with ring' is the wordplay.
'happy' becomes 'glad' (synonyms).
'to' becomes 'ih' (I can't justify this - if you can you should give a lot more credence to this answer).
'return' says the letters should be written backwards.
'with' is a charade indicator (letters next to each other).
'ring' becomes 'o' (letter resembling a ring).
'gladih' in reverse letter order is 'hidalg'.
'on' acts as a link.
Can you help me to learn more?
(Other definitions for hidalgo that I've seen before include "Grandee" , "Spanish gentleman" , "Spanish aristocrat" , "Spanish fellow" , "Spanish nobleman" .)