The most common and most likely answer to this crossword clue is the 5 letter word STIPE
I've seen this crossword clue in Independent
S
T
I
P
E
More clues leading to the result STIPE
Buddy explains!

The straight part
We know that "lead singer (Michael Stipe, of REM, another popular beat combo, m’lud)" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case lead singer (michael stipe, of rem, another popular beat combo, m’lud) = stipe.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 STIPE mean?
STIPE noun- The stem of a mushroom, kelp, etc.
- The trunk of a tree.
- The caudicle within the pollinarium of an orchid flower
- The petiole of the frond of a fern or palm