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It's liquid, but methinks not writing fluid (5)

Ross

I believe the answer is:

meths

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'it's liquid' is the definition.
I can't judge whether this defines the answer.

'methinks not writing fluid' is the wordplay.
'not' suggests deleting specific letters.
'writing fluid' becomes 'ink' (fluid used for writing).
'methinks' with 'ink' taken away is 'METHS'.

'but' is the link.

Can you help me to learn more?

(Other definitions for meths that I've seen before include "Fuel" , "unsuitable alcohol" , "Violet-coloured alcohol" , "Methylated spirits (colloq.)" , "Spirit" .)

I've seen this clue in the Evening Standard.
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