Time to relax and wind up (5)
I believe the answer is:
tease
'wind up' is the definition.
(to wind up is to tease or annoy)
'time to relax' is the wordplay.
'time' becomes 't' (abbreviation).
'to relax' becomes 'ease' (eg to ease a restriction is to relax it).
't'+'ease'='TEASE'
'and' acts as a link.
(Other definitions for tease that I've seen before include "Make playful fun of (someone)" , "Gently rib" , "Comb or card (wool)" , "Gently make fun of (someone)" , "Playfully provoke" .)