Cryptic crossword clue
One ring left enclosing another 5

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

I've seen this crossword clue in Financial Times
Q
U
O
I
T

More clues leading to the result QUOIT

Buddy explains!

The straight part
We know that "One ring" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one ring = quoit.
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 QUOIT mean?

QUOIT noun
  1. A flat disc of metal or stone thrown at a target in the game of quoits.
  2. A ring of rubber or rope similarly used in the game of deck-quoits.
  3. The flat stone covering a cromlech.
  4. The discus used in ancient sports.
QUOIT verb
  1. To play quoits.
  2. To throw as with a quoit.

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