Little domestic animal that is absorbing time (6)
I believe the answer is:
petite
'little' is the definition.
(I've seen this before)
'domestic animal that is absorbing time' is the wordplay.
'domestic animal' becomes 'pet' (I've seen this before**).
'that is' becomes 'ie' ('i.e.' can be a synonym of 'that is').
'absorbing' is an insertion indicator.
'time' becomes 't'.
'ie' going around 't' is 'ite'.
'pet'+'ite'='PETITE'
(Other definitions for petite that I've seen before include "Small and dainty from France" , "Wee" , "Little French" , "Small, slim (girl)" , "Tie pet up, being small and dainty" .)