Toy torpedo boat initially circling whirlpool getting attention (5,4)
I believe the answer is:
teddy bear
'toy' is the definition.
(I know that teddy bear is a type of toy)
'torpedo boat initially circling whirlpool getting attention' is the wordplay.
'initially' says to take the initial letters.
'circling' is an insertion indicator (circling can mean going around or containing).
'whirlpool' becomes 'eddy' (an eddy is a small whirlpool).
'getting' says to put letters next to each other.
'attention' becomes 'ear' (having someone's ear is having their attention).
The initial letters of 'torpedo boat' is 'tb'.
'tb' placed around 'eddy' is 'teddyb'.
'teddyb'+'ear'='TEDDY BEAR'
(Other definitions for teddy bear that I've seen before include "Fetishistic toy" , "Cuddly ursine" , "Child's toy, musically in picnic" , "Soft toy" , "Stuffed toy" .)