Pointed tip of short instrument (5)

I believe the answer is:

sharp

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'pointed' is the definition.
(similar in meaning)

'tip of short instrument' is the wordplay.
'tip of short' becomes 's' (I am not sure about this - if you are sure you should believe this answer much more).
'instrument' becomes 'harp' (harp is a kind of instrument).
's'+'harp'='SHARP'

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(Other definitions for sharp that I've seen before include "British musician" , "Clear-cut" , "Tangy" , "Penetrating" , "Acidic; pointed" .)

I've seen this clue in The Times.

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