A loop or ring in the nose (5)
I believe the answer is:
noose
'a loop' is the definition.
('noose' can be a synonym of 'loop')
'ring in the nose' is the wordplay.
'ring' becomes 'o' ().
'in' means one lot of letters goes inside another.
'o' inserted inside 'nose' is 'NOOSE'.
'or' is the link.
(Other definitions for noose that I've seen before include "Bond" , "Hangman's rope" , "Hangman's running loop" , "Snare made of rope" , "old execution method" .)