The most common and most likely answer to this crossword clue is the 7 letter word COWPATS
I've seen this crossword clue in Financial Times
C
O
W
P
A
T
S
More clues leading to the result COWPATS
Buddy explains!

The straight part
We know that "Jersey product" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case jersey product = cowpats.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 COWPATS mean?
COWPATS noun- A dropping of cow dung.