That woman may hesitate but is transparent (5)
I believe the answer is:
sheer
'is transparent' is the definition.
(synonyms)
'that woman may hesitate' is the wordplay.
I cannot really understand how this works, but
'woman' could be 'she' and 'she' is found within the answer.
'hesitate' could be 'er' (expression used when hesitating) and 'er' is found within the answer.
This accounts for all the letters.
This explanation may well be incorrect...
'but' acts as a link.
Can you help me to learn more?
(Other definitions for sheer that I've seen before include "Plumb" , "Steep; fine" , "Very steep; utter" , "Precipitous or fine" , "Gossamer or precipitous" .)