Possible Clues:

• Reportedly bestow the title of 'sir' on Picaroon? Time to party till dawn! (4,1,5,2,2)
• Mother parrot close to attack? Keep going (4,1,5,2,2)
• Celebrate very late, create a new thing from personal magnetism (4,1,5,2,2)
• Party late and get a thing reorganised? (4,1,5,2,2)
• Party at length? Anagrammatists can handle a thing like this (4,1,5,2,2)