Put another way, it's a sheep (3)
I believe the answer is:
tup
'it's a sheep' is the definition.
(tup is a kind of sheep)
'put another way' is the wordplay.
'another way' is an anagram indicator.
'put' is an anagram of 'TUP'.
(Other definitions for tup that I've seen before include "sheep" , "Sheepish male" , "Ram" .)