The most common and most likely answer to this crossword clue is the 5 letter word TORUS
I've seen this crossword clue in Financial Times
T
O
R
U
S
More clues leading to the result TORUS
- Moulding in astrologer’s house, reportedly
- For an audience, bull ring
- The sound from bull ring?
- Ring for a doughnut, sign said
- Ring? You could say it’s a sign
- The sound of the bullring
- The noise of the bull ring
- Figure to trust endlessly
- Moulding a group of stars in the auditorium
- Ring and how we see it covering radius
Buddy explains!

The straight part
We know that "Ring for a doughnut" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ring for a doughnut = torus.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 TORUS mean?
TORUS noun- A topological space which is a product of two circles.
- The standard representation of such a space in 3-dimensional Euclidean space: a shape consisting of a ring with a circular cross-section: the shape of an inner tube or hollow doughnut.
- (in combination, n-torus, 4-torus, etc.) The product of the specified number of circles.
- A molding which projects at the base of a column and above the plinth.
- The end of the peduncle or flower stalk to which the floral parts (or in the Asteraceae, the florets of a flower head) are attached; receptacle, thalamus.
- A rounded ridge, especially one on the occipital bone.