Sways with cylindrical objects (5)

I believe the answer is:

reels

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'sways' is the definition.
(I've seen this in another clue)

'cylindrical objects' is the wordplay.
'cylindrical' becomes 'r' (I can't justify this - if you can you should give a lot more credence to this answer).
'objects' becomes 'eels' (eel is a kind of object).
'r'+'eels'='REELS'

'with' acts as a link.

Can you help me to learn more?

(Other definitions for reels that I've seen before include "Rolls of film and dances" , "Bobbins" , "Highland dances" , "Cylinders on which cords are wound" , "Totters" .)

I've seen this clue in The Daily Express.

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