Small animal or insect imbibing fizzy drink (7)
I believe the answer is:
beastie
'small animal' is the definition.
'insect imbibing fizzy drink' is the wordplay.
'insect' becomes 'bee' (bee is a kind of insect).
'imbibing' indicates putting letters inside.
'fizzy drink' becomes 'asti' (type of fizzy wine).
'bee' enclosing 'asti' is 'BEASTIE'.
'or' acts as a link.
(Another definition for beastie that I've seen is " Rabbie Burns's wee mouse".)
I've seen this clue in The Telegraph.
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