Cryptic crossword clue
Dash of ketchup in most recent pancake 5

The most common and most likely answer to this crossword clue is the 5 letter word LATKE

I've seen this crossword clue in Financial Times
L
A
T
K
E

Buddy explains!

The straight part
We know that "pancake" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case pancake = latke.
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 LATKE mean?

LATKE noun
  1. A pancake fried in oil, usually made from potatoes and sometimes also onions, traditionally served on Hanukkah.

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