Dreams of ladies' pants (6)
I believe the answer is:
ideals
'dreams' is the definition.
(I've seen this before)
'ladies' pants' is the wordplay.
'pants' indicates an anagram (UK informal term for 'nonsense' or 'rubbish').
'ladies' with letters rearranged gives 'IDEALS'.
'of' acts as a link.
(Other definitions for ideals that I've seen before include "Bad ladies have high principles" , "Noble aspirations for ladies" , "Ideas regarded as perfect or standards" , "High values for ladies" , "Ladies (anag.)" .)