Peacock in mating frenzy on the way (5)
'peacock' is the definition.
(I've seen this before)
'in mating frenzy on the way' is the wordplay.
'in mating frenzy' becomes 'st' (I can't explain this - if you can you should give a lot more credence to this answer).
'on' is a charade indicator (letters next to each other).
'the way' becomes 'rut' (rut is a kind of way).
Can you help me to learn more?
(Other definitions for strut that I've seen before include "Supporting bar", "Walk proudly like metal support", "supporter", "Rigid support", "Walk arrogantly".)