Produce from Year One regularly peeled (5)
I believe the answer is:
yield
'produce' is the definition.
(I know that yield is a is a more specific form of the action produce)
'year one regularly peeled' is the wordplay.
'year' becomes 'y'.
'one' becomes 'i' (Roman numeral).
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
The alternate letters of 'peeled' are 'eld'.
'y'+'i'+'eld'='YIELD'
'from' acts as a link.
(Other definitions for yield that I've seen before include "return of financial investment" , "Surrenders or bears as a crop" , "Capitulate" , "Submit; produce" , "bow" .)