Nip round between times (3)
I believe the answer is:
tot
'nip' is the definition.
(I've seen this before)
'round between times' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'between' indicates putting letters inside.
'times' becomes 'tt' (two abbreviations for time).
'o' inserted inside 'tt' is 'TOT'.
(Other definitions for tot that I've seen before include "Small measure for a small child" , "Add up, aggregate" , "two fingers, perhaps" , "Sum for the little one" , "Small amount of spirits" .)