Second time holding small dessert (5)
I believe the answer is:
sweet
'dessert' is the definition.
(I know that sweet is a type of dessert)
'second time holding small' is the wordplay.
'second' becomes 's' (common abbreviation).
'time' becomes 't' (abbreviation).
'holding' indicates putting letters inside.
'small' becomes 'wee' (Scottish term for small).
's'+'t'='st'
'st' enclosing 'wee' is 'SWEET'.
(Other definitions for sweet that I've seen before include "Toffee, e.g." , "Term of endearment" , "Kind" , "Pleasing" , "Ewes cycle it (anag) -- herb (myrrh)" .)