Material university dons regard with wonder (5)
I believe the answer is:
gauze
'wonder' is the definition.
Although both the answer and definition are singular nouns, I cannot see how they can define each other.
'material university dons regard' is the wordplay.
'material university' becomes 'u' (I am not sure about the 'material' bit.).
'dons' is an insertion indicator (don means to wear or put on).
'regard' becomes 'gaze' (synonyms).
'u' inserted inside 'gaze' is 'GAUZE'.
'with' acts as a link.
Can you help me to learn more?
(Other definitions for gauze that I've seen before include "Cloth for bandage" , "Thin bleached cotton cloth used for dressings etc" , "first-aid material" , "Very fine wire mesh" , "Thin transparent material" .)