Ridicule golf pegs, say (5)
I believe the answer is:
tease
'ridicule' is the definition.
(I know that tease is a more specific form of ridicule)
'golf pegs say' is the wordplay.
'golf pegs' becomes 'tees' (I've seen this in another clue).
'say' shows a homophone (sound like).
'tees' sounds like 'TEASE'.
(Other definitions for tease that I've seen before include "Rag" , "Banter, make gentle fun of" , "Rib, annoy" , "Cod" , "Annoy good-naturedly" .)