The most common and most likely answer to this crossword clue is the 7 letter word TOLKEIN
I've seen this crossword clue in The Sunday Telegraph
T
O
L
K
E
I
N
Buddy explains!
The straight part
We know that "well-read Oxford professor" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case well-read oxford professor = tolkein.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.