Raced around tree (5)
I believe the answer is:
cedar
'tree' is the definition.
(cedar tree is a kind of tree)
'raced around' is the wordplay.
'around' indicates an anagram.
'raced' with letters rearranged gives 'CEDAR'.
(Other definitions for cedar that I've seen before include "Evergreen tree" , "Raced around noble tree" , "Great hardwood tree associated with Lebanon" , "may have needles?" , "Cypress-like tree" .)