What is being referred to is uplifting around G-spot (5)
I believe the answer is:
sight
'spot' is the definition.
(both can mean to notice or observe)
'what is being referred to is uplifting around g' is the wordplay.
'what is being referred to' becomes 'this' ('this' means the thing under discussion).
'is uplifting' is a reversal indicator.
'around' is an insertion indicator.
'this' in reverse letter order is 'siht'.
'siht' enclosing 'g' is 'SIGHT'.
(Other definitions for sight that I've seen before include "Glimpse" , "something to behold" , "Power of vision" , "Could be a jolly" , "Sense" .)