The most common and most likely answer to this crossword clue is the 7 letter word HOORAYS
I've seen this crossword clue in The Daily Telegraph
H
O
O
R
A
Y
S
More clues leading to the result HOORAYS
Buddy explains!
The straight part
We know that "Cheers" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cheers = hoorays.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HOORAYS mean?
HOORAYS noun- A shout to signify victory.
- An expression of excitement.
- To shout an expression of excitement.