Last of Piesporter in smooth, round bottle (5)
I believe the answer is:
nerve
'bottle' is the definition.
(thesaurus)
'last of piesporter in smooth round' is the wordplay.
'last of' indicates one should take the final letters.
'in' indicates putting letters inside.
'smooth' becomes 'even' ('even' can be similar in meaning to 'smooth').
'round' says the letters should be written in reverse.
The final letter of 'piesporter' is 'r'.
'r' inserted inside 'even' is 'evren'.
'evren' written backwards gives 'NERVE'.
(Other definitions for nerve that I've seen before include "Courage - cheek" , "Impudence; courage" , "Sauce" , "Cheek; self-possession" , "Coolness under fire" .)