Understand woodcutter made playground equipment (6)
I believe the answer is:
seesaw
'playground equipment' is the definition.
(I've seen this before)
'understand woodcutter' is the wordplay.
'understand' becomes 'see' (synonyms).
'woodcutter' becomes 'saw' (I've seen this in another clue).
'see'+'saw'='SEESAW'
'made' is the link.
(Other definitions for seesaw that I've seen before include "Board balanced on a fulcrum in the playground" , "vacillate in policy" , "Piece of playground equipment" , "Up-and-down motion" , "Move up and down on the plaything" .)