Ointment made with water (6)
I believe the answer is:
pomade
'ointment' is the definition.
(thesaurus)
'made with water' is the wordplay.
'with' says to put letters next to each other.
'water' becomes 'po' (Po is an example).
'made' after 'po' is 'POMADE'.
(Other definitions for pomade that I've seen before include "capital application" , "Scented hair dressing" , "hair treatment" , "Scented ointment for the scalp" , "Hair lotion" .)