Award held by Queen - item presented after a blaze? (5)
I believe the answer is:
ember
'item presented after a blaze?' is the definition.
'award held by queen' is the wordplay.
'award' becomes 'mbe' (**).
'held by' is an insertion indicator.
'queen' becomes 'er' (abbreviation for Elizabeth Regina).
'mbe' inserted into 'er' is 'EMBER'.
(Other definitions for ember that I've seen before include "Hot piece of wood or coal from a fire" , "Material in dying fire" , "Glowing coal; prayer (Days)" , "something that glows" , "Just a glimmer" .)