Smoked sausage (7)
(Other definitions for saveloy that I've seen before include "One using brains originally" , "Highly seasoned pork sausage - love, say (anag)" , "Big sausage" , "Spicy sausage" , "Type of sausage" .)
'smoked sausage' is the definition.
(I've seen this before)
This is all the clue.
(Other definitions for frankfurter that I've seen before include "Type of sausage" , "Hot-dog sausage" , "German sausage - inhabitant of a city on the Main" , "Seasoned smoked sausage" , "Wiener" .)