Picture of little dog that's kept at home (3-2)
I believe the answer is:
pin-up
'picture' is the definition.
(I've seen this before)
'little dog that's kept at home' is the wordplay.
'little dog' becomes 'pup'.
'that's kept' means one lot of letters goes inside another.
'at home' becomes 'in' (similar in meaning).
'pup' going around 'in' is 'PIN-UP'.
'of' is the link.
(Other definitions for pin-up that I've seen before include "Cover girl" , "Attach (to a notice board)" , "Sexy model" , "Attractive figure" , "Object of (sexual) admiration" .)