The most common and most likely answer to this crossword clue is the 6 letter word HOOTER
I've seen this crossword clue in Independent
H
O
O
T
E
R
Buddy explains!

The straight part
We know that "Owl/nose" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case owl/nose = hooter.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 HOOTER mean?
HOOTER noun- A person who hoots.
- The horn in a motor vehicle.
- A siren or steam whistle, especially one in a factory and used to indicate the beginning or the end of a working day or shift.
- A nose, especially a large one.
- (usually in the plural) A woman's breast.
- A penis.
- An owl.
- A large cannabis cigarette.