Where you'll find the cowboys handled the horses near the ring (5)
I believe the answer is:
rodeo
'where you'll find the cowboys handled' is the definition.
Although both the answer and definition are singular nouns, I cannot see how they can define each other.
'horses near the ring' is the wordplay.
'horses near' becomes 'rode' (I can't justify this - if you can you should give a lot more credence to this answer).
'the ring' becomes 'o' (letter resembling a ring).
'rode'+'o'='RODEO'
'the' acts as a link.
Can you help me to learn more?
(Other definitions for rodeo that I've seen before include "Annually" , "stock venue?" , "sort of exhibition" , "Cowboy show" , "Cowboys' riding contest" .)