Mournful song from first of Dylan's Island records with two chords (5)
I believe the answer is:
dirge
'mournful song' is the definition.
(piece of music lamenting the dead)
'first of dylan's island records with two chords' is the wordplay.
'two chords' means two replacements for 'chord'.
'first of dylan' becomes 'd' (ist letter of 'dylan').
'island records' becomes 'ir' (this might be a standard abbreviation which I don't know about).
'with' says to put letters next to each other.
'chord' becomes 'G' (G chord in music).
'chord' becomes 'E' (E chord in music).
'd'+'ir'+'g'+'e'='DIRGE'
'from' is the link.
(Other definitions for dirge that I've seen before include "A slow mournful song, lament for the dead" , "Keen; lament" , "feature of funeral" , "Funereal music" , "Threnody" .)