The most common and most likely answer to this crossword clue is the 5 plus 4 letter word ANKLE SOCK
I've seen this crossword clue in The Guardian
A
N
K
L
E
S
O
C
K
Buddy explains!
The straight part
We know that "Woollen item pulled up" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case woollen item pulled up = ankle sock.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.