Ocelots cavorting nearby (5,2)
I believe the answer is:
close to
'nearby' is the definition.
(I've seen this before)
'ocelots cavorting' is the wordplay.
'cavorting' is an anagram indicator.
'ocelots' with letters rearranged gives 'CLOSE TO'.
(Other definitions for close to that I've seen before include "near" , "Nearly" , "'Nearby (5,2)'" .)