Reportedly bestow the title of 'sir' on Picaroon? Time to party till dawn! (4,1,5,2,2)
I believe the answer is:
make a night of it
'reportedly bestow the title of sir on picaroon?' is the definition.
I don't know anything about this answer so I can't judge whether this works.
'time to party till dawn' is the wordplay.
I cannot really understand how this works, but
'time' could be 'night' (night is a kind of time) and 'night' is present in the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for make a night of it that I've seen before include "Party late" , "Party at length" , "Extend an enjoyable activity into the small hours" .)