Leader, your leader, is exhilarating (5)
I believe the answer is:
heady
'is exhilarating' is the definition.
(I've seen this in another clue)
'leader your' is the wordplay.
'leader' becomes 'head' (head is a kind of leader).
'your' becomes 'y' (this might be a standard abbreviation of which I'm unaware).
'head'+'y'='HEADY'
'leader' is the link.
This may not be right. It may belong to another bit of the clue.
Can you help me to learn more?
(Other definitions for heady that I've seen before include "Impetuous" , "Inebriating" , "Potent, intoxicating" , "Extremely exciting" .)