Spots Her Majesty making a bit of bacon (6)
I believe the answer is:
rasher
'a bit of bacon' is the definition.
(a rasher is a piece of bacon)
'spots her majesty' is the wordplay.
'spots' becomes 'rash' (as in skin irritation).
'her majesty' becomes 'ER' (Elizabeth Regina).
'rash'+'er'='RASHER'
'making' is the link.
(Other definitions for rasher that I've seen before include "taking more unnecessary risks?" , "a little streaky?" , "More wildly adventurous" , "American fish" , "Piece of bacon (6)" .)