The phrase "take a sip" means to drink a small amount of liquid by bringing it to your mouth and swallowing a small amount. The clue "imbibe cautiously" suggests that you should do this carefully or in moderation, possibly to avoid potential negative effects or consequences.
Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: Imbibe cautiously. Explanations are generated by AI and may be inaccurate.