Magnum perhaps, not Colt the preference? (6)

I believe the answer is:

choice

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'the preference?' is the definition.
(preference is a kind of choice)

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for choice that I've seen before include "of superior quality" , "'Selection, option (6)'" , "Volition" , "Plum" , "Excellent" .)

I've seen this clue in The Times and The Sunday Times.

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