Possibly with one end being chalky (5)
I believe the answer is:
white
'chalky' is the definition.
('white' can be similar in meaning to 'chalky')
'possibly with one end' is the wordplay.
'possibly' indicates anagramming the letters.
'end' indicates one should take the final letters.
The last letter of 'one' is 'e'.
'with' with letters rearranged gives 'whit'.
'whit'+'e'='WHITE'
'being' is the link.
(Other definitions for white that I've seen before include "See 10" , "and 9: What Bing Crosby dreamed about" , "11's domicile" , "Outer part of egg" , "Covered in snow" .)